Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 7
Last updated on August 8th, 2022 at 08:47 am
Today, multiple refinance rates dropped. Both the popular refinance term; 15-year fixed and 30-year fixed saw a slump in their average rates.
There was also a decrease in the average rate on 10-year fixed refinance mortgages.
Refinancing rates keep changing constantly. But right now they’re exceptionally low. If you are looking to refinance your existing mortgage, this might be the right time to reduce your interest rate.
As the refinance rates are hovering around 3%, homeowners who’ve not refinanced yet have a chance to secure an exceptional rate.
But it isn’t just about the rate the decision to refinance, also involves closing costs to consider.
So be sure that you’re saving in interest payments should outweigh the fees you pay only then will it be a sound financial decision.
Even a “no-closing-cost” refinance has fees, which instead of being charged upfront, are added to your loan.
The interest rate of the average 30-year fixed refinance is 2.99%, a decrease of 12 basis points from last week.
The interest rate of the average 15-year fixed refinance is 2.32%, a decrease of 10 basis points from the week earlier.
The average 10 years fixed refinance rate is 2.34%, which is a decrease of 11 basis points from last week.
Reference Source: Time
