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Last updated on September 3rd, 2022 at 12:50 am
Compared to last week, refinance interest rates rode higher today.
Today the refinance rate of 30-year fixed is 0.20% higher than last week, today the rate is at 3.45%.
The refinance rate of 15-year fixed is 2.66%, which is 0.15 % higher than the previous week
The 10-year fixed refinance rate today is 0.17% higher than a week ago when it was 2.52% and today it is 2.69%.
When a borrower takes out a new home loan and pays off the existing loan with a new loan it is called refinancing a mortgage.
the mortgage rates for 30-year fixed, 15-year fixed and jumbo loans also saw an increase,
The 30 year fixed rate a week ago was 3.27% and today it rose by 17 points and the rate is 3.44%.
The 15 years fixed mortgage rate rose by 15 basis points from the same time last week from 2.54% to 2.69%
The 30 years fixed jumbo loan saw a change of 20 basis points today it is at 3.46%from last week 3.26%.
The 5/1 ARM rate saw a drop of 1 basis point from 2.74% to 2.73%
The rates are not the same in all parts of the Country. It also depends on various other factors.
A borrower would get the best offer when they get multiple quotes from various lenders and are likely to save thousands of dollars over the life of their mortgage.
Reference Source: Bankrate
