Refinance rate trends
| Mortgage type | Average rate today | Average rate last month |
|---|---|---|
| 15-year fixed | 2.69% | 2.80% |
| 30-year fixed | 3.81% | 3.78% |
| 7/1 ARM | 4.89% | 4.74% |
| 10/1 ARM | 5.22% | 5.14% |
Hereof, what are today’s 30 year refinance rates?
Current 30 year mortgage refinance rate moves down, –0.03%
The average 30–year fixed-refinance rate is 3.09 percent, down 3 basis points over the last seven days. A month ago, the average rate on a 30–year fixed refinance was higher, at 3.13 percent.
For example: Among the 24 biggest mortgage lenders, USAA had the lowest average mortgage rate in 2019, at just 3.98%.
Then, how much lower should the interest rate be to refinance?
One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.
Is it worth to refinance .5 percent?
Experts often say refinancing isn’t worth it unless you drop your interest rate by at least 0.50 to 1 percent. But that may not be true for everyone. “Say you are refinancing from an adjustable rate to a 0.25 percent lower fixed rate. … A quarter-point rate drop may also benefit someone with a large principal borrowed.