Current National Refinance Rates: November 11, 2021—Refinance Rates Hold Steady

It’s a good time to lock in a low refinance rate. The average rate on a 30-year fixed mortgage refinance remained the same today, keeping rates at historical lows.

The average rate on a 30-year fixed mortgage is 3.06%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.39%. The average rate on a 20-year refinance loan is 2.91%, and the average rate on a 5/1 ARM is 2.84%.

Related: Compare Current Mortgage Rates

30-Year Refinance Rates

The average rate for the 30-year fixed-rate mortgage refinance held at 3.06%. This time last week, the 30-year fixed was 3.18%. The 52-week low is 3.01%.

On a 30-year fixed mortgage refi, the APR is 3.16%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At an interest rate of 3.06%, a 30-year fixed mortgage refi would cost $425 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be about $52,945.

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 2.91%. One week ago, the 20-year fixed-rate mortgage was at 3.00%. Today’s rate is higher than the 52-week low of 2.80%.

The APR on a 20-year fixed is 3.03%. This time last week, it was 3.11%.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 2.91% will cost $550 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $32,025 in total interest.

15-Year Mortgage Refinance Rate

The average interest rate on the 15-year fixed refinance mortgage remained at 2.39%. One week ago, the 15-year fixed-rate mortgage was at 2.47%. Today’s rate is higher than the 52-week low of 2.31%.

The APR on a 15-year fixed is 2.56%. This time last week, it was 2.63%.

A 15-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 2.39% will cost $662 per month in principal and interest. Over the life of the loan, you would pay $19,092 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 3.05%. One week ago, the average rate was 3.18%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 3.05% will pay $3,182 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,182, and you’d pay around $395,625 in total interest over the life of the loan.

15-Year Jumbo Refinance Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance remained unchanged at 2.37%. Last week, the average rate was 2.47%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 2.37% will pay $661 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,955, and you’d pay around $141,927 in total interest over the life of the loan.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate remained at 2.84%. The average rate was 2.85% last week. Today’s rate is currently lower than the 52-week high of 2.85%%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.84% will pay $413 per month in principal and interest.

When You Should Refinance Your Home

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator could help you determine if refinancing is right for you.

How to Qualify for the Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:

  • Maintain a good credit score
  • Consider a shorter-term loan
  • Lower your debt-to-income ratio
  • Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

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