Mortgage refinance rates have seen a significant increase, with the average rate for a 30-year fixed refinance now at 7.40%, up from 7.36% just yesterday. The 20-year fixed refinance rate has also risen to 7.31%, while the 15-year fixed rate stands at 6.43%. These changes reflect a broader trend in the mortgage market, making it essential for homeowners to reassess their refinancing options. For example, a $100,000 mortgage at the current 30-year rate would result in monthly payments of $692, leading to a total interest cost of approximately $149,232 over the loan's life. Homeowners should consider refinancing to lower their monthly payments, eliminate private mortgage insurance, or tap into home equity. However, it's vital to calculate the break-even point to ensure that the savings outweigh the closing costs associated with refinancing. With rising rates, it’s crucial to improve credit scores and monitor market trends to secure the best deals.
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