CM – Current mortgage refinancing rates – October 6, 2021: Interest rates are falling slightly

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by Maurie Backman |

Published on October 6, 2021

Many or all of the products here come from our partners. We can earn a commission from offers on this page. This is how we make money. But our editorial integrity ensures that the opinions of our experts are not influenced by compensation. Conditions may apply to the offers listed on this page.

Mortgage refinancing rates are a little lower than yesterday. Refinance rates are usually a little higher than the rates you see on a new purchase mortgage. At the moment they are very competitive historically, although they have been increasing in the past few weeks. Here’s what it looks like on Wednesday, October 6th:

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The average 30-year refinancing rate is 3.251% today, 0.002% less than yesterday. At today’s rate, for every $ 100,000 you borrow, you pay $ 435.00 in principal and interest. This does not include additional expenses such as property taxes and home insurance premiums.

The average 20-year refinancing rate is 2.948% today, 0.003% less than yesterday. At today’s rate, for every $ 100,000 you borrow, you pay a principal and interest of $ 552.00. Although your monthly payment will increase by $ 117.00 on a $ 100,000 20 year loan compared to the same amount on a 30 year loan, over your repayment period you will save $ 24,186.00 in interest for every $ 100,000 that You’re borrowing.

The average 15 year refinancing rate is 2.480% today, 0.006% less than yesterday. At today’s rate, for every $ 100,000 you borrow, you pay principal and interest of $ 666.00. Compared to the 30 year loan, your monthly payment is $ 231.00 more per $ 100,000 mortgage equity. However, your interest savings will total $ 36,827.00 per $ 100,000 mortgage debt over the life of your repayment period.

Refinancing your mortgage can be a wise financial decision if a new home loan can lower your interest rate and monthly payments . However, there are a few important things to consider before refinancing.

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First, if you extend the life of your loan, over time you could end up paying a higher total interest than your existing mortgage. This can be the case even if you are entitled to a lower interest rate as you would be paying interest over a longer period of time. You can avoid this by opting for a refinancing loan with a shorter term. Or you may decide that you are willing to pay more interest during the life of your loan in exchange for a lower monthly payment.

Second, you need to consider closing costs, which are the upfront fees that you will incur when refinancing a mortgage To be billed. Ascent’s investigation found that the closing cost of a refinancing loan for a mid-value home ranges from $ 5,000 to $ 12,500. Your closing fees, however, will depend on the specific size of your mortgage, your location, and your lender.

These closing costs should eventually be offset by your lower monthly payments – but it can take time. If you saved $ 200 per month by refinancing and paid $ 6,000 in closing costs, it would take 2.5 years to break even. It’s important to keep the numbers and consider staying in your home long enough for the refinance to pay off.

Generally, a refinance can make a lot of sense if you don’t move and the interest rate in the next few years Reduce your home loan by at least 1% (or close to). And even if you can’t get your interest rate down that much, home equity is on the rise right now, so it might be a good time to get a cash out refinance.

When you’re ready to get a new mortgage apply, contact various refinancing providers and see what interest rates and closing costs they react with. It’s important to collect various offers to make sure you get a good deal in the end.

Chances are, interest rates won’t stay at decades lows for much longer. That’s why it’s important to act today, whether you’re looking to refinance and cut your mortgage payments, or are ready to pull the trigger on a new home purchase.

Ascent’s in-house mortgage expert recommends this company to offer a low interest rate find – and in fact he used it himself (twice!) for refinancing. Click here to learn more and see your price. Although this does not influence our opinion on products, we do receive remuneration from partners whose offers appear here. We are always by your side. See The Ascent’s full advertiser disclosure here.

Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared in major media outlets such as CNBC, MSN, and Yahoo.

We strongly believe in the Golden Rule, which is why editorial opinions are ours only and have not been previously reviewed, approved or endorsed by included advertisers.
The Ascent does not cover all offers on the market. The Ascent editorial content is segregated from The Motley Fool editorial content and is produced by a different team of analysts.

Many or all of the products here come from our partners. We can earn a commission from offers on this page. This is how we make money. But our editorial integrity ensures that the opinions of our experts are not influenced by compensation. Conditions may apply to the offers listed on this page.

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Keywords:

Mortgage loan,Fixed-rate mortgage,Interest rate,Refinancing,Mortgage loan, Fixed-rate mortgage, Interest rate, Refinancing,,,,,,,,,,

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