Refinance rates for 30-year fixed mortgages have increased, averaging 7.57%. This is a slight rise from yesterday's 7.49%. Rates for 15-year and 20-year fixed mortgages also saw upward trends. The changes could impact monthly payments and total interest paid over the life of the loans. A $100,000, 30-year fixed mortgage at today's rate will cost borrowers $704 per month. Mortgage advisors suggest refinancing only if it leads to savings or better terms. While rates are high, those with improved credit scores or shorter loan terms might still benefit. Mortgage calculators can help determine if refinancing is right for you.
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