Current National Refinance Rates: June 12, 2024—Rates Climb

The rate on a 30-year fixed refinance jumped today.

The average rate for refinancing a 30-year fixed mortgage is currently 7.59%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.76%, and for 20-year mortgages, it’s 7.40%.

Related: Compare Current Refinance Rates

Refinance Rates for June 12, 2024

LOAN TERM	RATE	CHANGE	RATE YESTERDAY
30-Year Fixed Refinance Rate	7.59%	+0.01	7.58%
20-Year Fixed Refinance Rate	7.40%	-0.02	7.42%
15-Year Fixed Refinance Rate	6.76%	-0.01	6.77%
30-Year Jumbo Refinance Rate	7.46%	-0.08	7.54%
15-Year Jumbo Refinance Rate	7.20%	+0.00	7.20%

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30-Year Fixed Refinance Interest Rates

Today, the average rate for the 30-year fixed-rate mortgage refinance rose to 7.59% from yesterday. One week ago, the 30-year fixed was 7.58%.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 7.61%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At the current interest rate of 7.59%, a 30-year fixed mortgage refi would cost $705 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $153,940 over the life of the loan.

20-Year Refinance Interest Rates

The 20-year fixed mortgage refinance is currently averaging about 7.40%. That’s compared to the average of 7.34% at this time last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.43% compared to 7.37% at this time last week.

At the current interest rate of 7.40%, a 20-year, fixed-rate mortgage refinance of $100,000 would pay $799 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $91,878 in total interest over the life of the loan.

15-Year Refinance Interest Rates

The average interest rate on the 15-year fixed refinance mortgage decreased to 6.76%. Yesterday, it was 6.77%. One week ago, the 15-year fixed-rate mortgage was at 6.69%.

On a 15-year fixed refinance, the annual percentage rate is 6.79%. Last week it was 6.73%.

With an interest rate of 6.76%, you would pay $885 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $59,364 in total interest.

30-Year Jumbo Refinance Interest Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 7.46%. One week ago, the average rate was 7.48%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.46% will pay $697 per month in principal and interest per $100,000.

15-Year Jumbo Refinance Interest Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance is 7.20%. Last week, the average rate was 7.17%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.20% will pay $910 per month in principal and interest per $100,000. That means that on a $750,000 loan, you’d pay around $478,183 in total interest over the life of the loan.

Are Refinance Rates and Mortgage Rates the Same?

Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.

You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.

When Refinancing Makes Sense

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

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator could help you determine if refinancing is right for you.

Is Now a Good Time To Refinance?

Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.

However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.

The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.

How To Get Today’s Best Refinance Rates

Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing get a good mortgage rate:

• Improve your credit
• Consider a shorter loan term
• Lower your debt-to-income ratio
• Watch mortgage rates

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

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