Latest Refinance Rates for August 22, 2024
Refinance Rates Drop: 30-Year Fixed Rate Falls to 6.99%
In a surprising turn of events, the rate on a 30-year fixed refinance has tumbled today, offering homeowners a chance to save on their mortgage payments. According to Curinos, the average rate on a 30-year fixed mortgage refinance is now at 6.99%, down from 7.10% last week. This significant drop in rates has caught the attention of many homeowners looking to refinance their homes.
The average rate on a 15-year mortgage refinance is also down, currently sitting at 6.21%, while the average rate on a 20-year mortgage refinance is 6.76%. These lower rates present an opportunity for homeowners to potentially save money on their monthly mortgage payments.
With the current interest rate of 6.99% on a 30-year fixed-rate mortgage refinance, borrowers could save significantly on their monthly payments. For example, a borrower with a $100,000 loan would pay around $664 per month for principal and interest. Over the life of the loan, the total interest costs would amount to approximately $139,171.
For those considering a 20-year refinance, the average interest rate is now at 6.76%, offering a monthly payment of $761 for principal and interest on a $100,000 loan. This would result in total interest costs of about $82,630 over the life of the loan.
The 15-year fixed mortgage rate has also seen a decrease, now at 6.21%, making it an attractive option for homeowners looking to pay off their loan sooner. With a monthly payment of around $855 per $100,000 borrowed, borrowers could save on total interest costs over the life of the loan.
Overall, the drop in refinance rates presents a favorable opportunity for homeowners to save on their mortgage payments. Whether it’s to lower interest rates, reduce monthly payments, or pay off the loan sooner, now may be a good time to consider refinancing your home. It’s essential to compare rates from different lenders and consider the potential savings before making a decision.
