Mortgage Refinance Rates Today, June 21, 2022
Mortgage Refinance Rates Today, June 21, 2022
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Rates on 30-year fixed refinances rose today.

According to Bankrate.com, the average rate for refinancing a 30-year fixed-rate mortgage is 6.02%. The average interest rate on a 15-year fixed-rate mortgage is 5.33%. The average rate on a 20-year refinance loan is 5.99%, and the average rate on a 5/1 ARM is 4.06%.

Loan Term Rate Change Rate Yesterday
30-Year Mortgage Refinance Rate 6.02% 0.03% 5.99%
20-Year Fixed Rate 5.99% 0.00% 5.99%
15-Year Fixed Rate 5.33% 0.09% 5.24%
30-Year Jumbo Mortgage Refinance Rate 5.98% 0.03% 5.95%
15-Year Jumbo Mortgage Refinance Rate 5.39% 0.12% 5.27%
5/1 ARM Refinance Rate 4.06% 0.10% 3.96%
Source: Bankrate

30 Year Refinance Rate

Today, the average 30-year fixed-rate mortgage refinance rate rose to 6.02%. Last week, the 30-year fixed rate was 5.98%. The 52-week high was 6.12%.

For 30-year fixed-rate mortgage refinancing, the annual rate (APR) was 6.04%, up from last week. The APR or APR includes the loan interest rate and the cost of financing the loan. This is the total cost of your loan.

According to Forbes Advisors’ Mortgage Calculator, a 30-year fixed-rate mortgage refinance costs $601 in principal and interest (excluding taxes) per month for every $100,000 at 6.02%. In total, you will pay approximately $116,301 in interest over the life of the loan.

20 Year Fixed Rate Mortgage Refinance Rate

The average interest rate on a 20-year fixed refinance mortgage is 5.99%. Last week, the 20-year fixed-rate mortgage rate was 5.97%.

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The 20-year fixed bond has an effective annual interest rate of 6.01%. This time last week it was 5.99%.

A 20-year refinancing of a $100,000 fixed-rate mortgage at today’s 5.99% rate requires $716 per month in principal and interest. Taxes are not included. In total, you will pay approximately $71,805 in interest over the life of the loan.

15 Year Mortgage Refinance Rate

The average rate for a 15-year fixed-rate mortgage remained at 5.33%. Last week, the 15-year fixed-rate mortgage rate was 5.10%. The exchange rate today is above a 52-week low of 4.12%.

A 15-year fixed-rate investment has an annual interest rate of 5.35%. This time last week it was 5.12%.

At today’s 5.33% interest rate, the principal and interest per $100,000 on a 15-year fixed-rate mortgage is about $808 per month. In total, you will pay approximately $45,456 in interest over the life of the loan.

30-Year Huge Mortgage Refinance Rates

The average rate for a 30-year fixed-rate jumbo mortgage refinance is 5.98%. A week ago, the average rate was 6.01%. The 30-year fixed rate on the jumbo mortgage was above a 52-week low of 4.87%.

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A borrower who refinances a 30-year fixed-rate jumbo mortgage at today’s 5.98% pays $598 a month in principal and every $100,000 in interest.

15-Year Huge Mortgage Refinance Rate

The average rate on refinanced 15-year large fixed-rate mortgages rose to 5.39%. The average rate last week was 5.17%. The 15-year fixed rate on large mortgages was above a 52-week low of 4.07%.

A borrower who refinances a 15-year fixed-rate jumbo mortgage at today’s 5.39% rate pays $811 per month in principal and every $100,000 in interest. That means, for a $750,000 loan, with monthly principal and interest payments of about $6,084, you’ll pay a total of about $345,198 in interest over the life of the loan.

5/1 Adjustable Rate Mortgage Refinance Rate
The average rate for the 5/1 ARM was 4.06%, above a 52-week low of 2.83%. The average rate last week was 5.20%.

A borrower with $100,000 5/1 ARM at today’s 4.06% rate pays $481 per month in principal and interest.

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When refinancing makes sense

You may want to refinance your home if you can lower your interest rate, reduce your monthly payment, or pay off your mortgage early. You may want to use payoff financing to gain equity on your home, or take out a new loan to eliminate Personal Mortgage Insurance (PMI).

It makes sense to refinance your mortgage if you plan to live in your home for a few years. After all, refinancing involves costs that take some time to amortize. You need to know the closing cost of the loan to calculate the break-even point where the savings you get from the lower interest rate will exceed your closing cost. You can calculate this by dividing the billing cost by the monthly savings from the new payment.

Our mortgage refinancing calculator can help you decide if refinancing is right for you.

Here’s how to get the best refinancing rates today

Similar to buying a mortgage when buying a home, when it comes to refinancing, you can find the lowest refinancing rates here:

Maintain good credit

Consider short-term loans

Lower your debt-to-income ratio

Monitor Mortgage Rates

A solid credit history doesn’t guarantee you’ll be approved for refinancing or getting the lowest interest rate, but it may make your journey easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also pay attention to mortgage rates for different loan terms. They fluctuate frequently, and loans that require early repayment are often charged at lower interest rates.

Learn more:

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Jake Smith

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Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.