Current Mortgage Refinance Rates, July 31, 2020 | Rates ratchet higher - Bankrate.com

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Multiple closely watched mortgage refinance rates floated higher today.

The average rates on 30-year fixed and 15-year fixed refinances both floated higher. The average rate on 10-year fixed refis, meanwhile, also moved higher.

Refinancing rates change daily, but they remain low by historical standards. If you’re in the market to refinance, it could make sense to lock if you see a rate you like.

See refinance rates for a variety of loan options here.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.19 percent, up 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.34 percent.

At the current average rate, you’ll pay $431.92 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.64 higher.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed refinance

The average rate for a 15-year fixed refi is 2.77 percent, up 3 basis points over the last seven days.

Monthly payments on a 15-year fixed refinance at that rate will cost around $678 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out thousands of dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 2.79 percent, up 2 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 2.79 percent would cost $955.03 per month for every $100,000 you borrow. If you can manage that big monthly payment, you’ll enjoy even more interest cost savings than you would with a 15-year term.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:

Rates as of July 30, 2020.

Want to see where rates are right now? See refinance rates for a variety of loan options here.

When to lock a mortgage refinance rate

A rate lock allows you to freeze the interest rate your lender extends to you for a specified period of time. Between the time you apply for a mortgage refinance and close on it, the rate lock will protect you from rising rates.

Why mortgage refinance rates change

Mortgage rates are influenced by a range of economic factors, from inflation to unemployment numbers. Typically, higher inflation means higher interest rates and vice versa. As inflation rises, the dollar loses value, which in turn drives off investors for mortgage-backed securities, causing the prices to fall and yields to climb. When yields climb, rates get more expensive for borrowers.

A strong economy usually means more people buying homes, which drives demand for mortgages. This increased demand can push rates higher. The opposite is also true; less demand can trigger a drop in rates.

What are current mortgage refinance rates?

The current mortgage rate environment has been unstable because of the coronavirus pandemic, but generally rates have been low. Mortgage rates are rising and falling from week to week, as lenders are inundated with forbearance and refinance requests. In general, however, rates are consistently below 4 percent and even dipping into the mid to low 3s. This is an especially good time for people with good to excellent credit to lock in a low rate for a purchase loan. However, lenders are also raising credit standards for borrowers and demanding higher down payments as they try to dampen their risks.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”

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