Here Are Today’s Refinance Rates: March 15, 2022—Refinance Rates Rise

It’s a good time to lock in a low refinance rate. The average rate on a 30-year fixed mortgage refinance rose today, but rates are still at historical lows.

The average rate on a 30-year fixed mortgage is 4.44%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 3.65%. The average rate on a 20-year refinance loan is 4.36%, and the average rate on a 5/1 ARM is 2.93%.

Related: Compare Current Refinance Rates

30-Year Fixed-Rate Mortgage Refinance Rates

Today, the average rate for the 30-year fixed-rate mortgage refinance inched up to 4.44%. At this time last week, the 30-year fixed was 4.09%. The 52-week low is 3.27%.

The APR on a 30-year fixed is 4.45%. This last week, it was 4.05%. APR is the all-in cost of your loan.

At an interest rate of 4.44%, a 30-year fixed mortgage refi would cost $503 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 approximately $81,126.

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 4.36%. This same time last week, the 20-year fixed-rate mortgage was at 3.95%.

The APR on a 20-year fixed is 4.38%. One week ago, it was 3.91%.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 4.36% will cost $625 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $50,028 in total interest.

15-Year Fixed-Rate Mortgage Refinance Rates

Today, the 15-year fixed mortgage rate sits at 3.65%, higher than it was yesterday. Last week, it was 3.34%.Today’s rate is higher than the 52-week low of 2.49%.

On a 15-year fixed refinance, the APR is 3.68%. Last week it was 3.32%.

A 15-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 3.65% will cost $722 per month in principal and interest. Over the life of the loan, you would pay $30,009 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 4.47%. Last week, the average rate was 4.09%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.25%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.47% will pay $3,787 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 $3,787, and you’d pay around $613,242 in total interest over the life of the loan.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 3.73%. Last week, the average rate was 3.33%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 2.49%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 3.73% will pay $726 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 $5,447, and you’d pay around $230,411 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Refinance Rates

The average interest rate on a 5/1 ARM sits at 2.93%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.07%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.93% will pay $418 per month in principal and interest.

When Refinancing Makes Sense

You may want to refinance your home, when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).

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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