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The rate for a 30-year fixed refinance rose slightly today.

The average rate for a 30-year fixed mortgage is 5.32% with an APR of 5.33%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.61% with an APR of 4.63%. The refinancing rate over 20 years is 5.30%. The average rate on a 5/1 ARM is 3.77% with an APR of 4.79%.

**Related:** Compare current refinance rates

## 30-year refinancing rate

Today, the average 30-year fixed rate mortgage refinance rate has risen to 5.32%. At this time last week, the 30-year fixed rate was 5.55%. The 52-week high is 5.62%.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 5.33%, lower than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.

According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $557 per month in principal and interest (excluding taxes and fees) at the current interest rate of 5.32 %. You would pay approximately $100,357 in total interest over the life of the loan.

## 20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 5.30%. At this time last week, the 20-year fixed rate mortgage was at 5.40%.

The APR on a 20-year fixed is 5.31%. This time last week it was 5.42%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 5.30% will cost $677 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $62,394 in total interest.

## 15-year refinancing rate

The average interest rate on the 15-year fixed refinance mortgage is 4.61%. Last week, the 15-year fixed rate mortgage was at 4.83%. Today’s rate is above the 52-week low of 3.52%.

The annual percentage rate of charge on a 15-year fixed term is 4.63%. This time last week it was 4.86%.

At the current interest rate of 4.61%, a 15-year fixed rate mortgage would cost approximately $771 per month in principal and interest per $100,000. You would pay approximately $38,713 in total interest over the life of the loan.

## 30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.31%. Last week, the average rate was 5.56%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 4.47%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 5.31% will pay $556 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $556, and you would pay approximately $100,133 in total interest over the life of the loan.

## Jumbo Refi rate over 15 years

The average interest rate on the 15-year fixed rate jumbo mortgage refinance has risen to 4.60%. Last week, the average rate was 4.84%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.58%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.60% will pay $770 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $5,776, and you would pay approximately $289,654 in total interest over the life of the loan.

## 5/1 ARM interest rate

The average interest rate on a 5/1 ARM sits at 3.77%, above the 52-week low of 2.83%. Last week, the average rate was 4.86%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.77% will pay $464 per month in principal and interest.

## When refinancing makes sense

You may want to refinance your home, when you can lower your interest rate, lower your monthly payments, or pay off your mortgage sooner. You may want to use cash financing to access your home equity or take out a new loan to eliminate private mortgage insurance (PMI).

Refinancing your mortgage can be a good idea if you plan to stay in your home for several years. There is, after all, a refinancing cost that will take some time to recover. You will need to know the closing costs of the loan to calculate the break-even point where your savings through a lower interest rate exceeds your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.

Our Mortgage Refinance Calculator can help you determine if refinancing is right for you.

## How to Qualify for Today’s Best Refinance Rates

Just like when shopping for a mortgage when buying your home, when you refinance, here’s how you can find the lowest refinance rate:

- Maintain a good credit score
- Consider a shorter term loan
- Reduce your debt to income ratio
- Monitor mortgage rates

A strong credit score isn’t a guarantee that you’ll get your refinance approved or that you’ll get the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on mortgage rates for different loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.