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Mortgage refinance rates were flat today.

The average rate for a 30-year fixed mortgage is 5.42%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.78%. The average rate on a 20-year refinance loan is 5.26% and the average rate on a 5/1 ARM is 3.66%.

Related: Compare current refinance rates

30-Year Fixed Rate Mortgage Refinance Rate

Today, the average 30-year fixed rate mortgage refinance rate remained at 5.42%. At this time last week, the 30-year fixed rate was 5.62%. Today’s rate is below the 52-week high of 4.09%.

The 30-year fixed mortgage refi (annual annual percentage rate) is 5.43%. At the same time last week, it was 5.64%. The APR is the overall cost of your loan.

At an interest rate of 5.42%, a 30-year fixed mortgage refi would cost $563 per month in principal and interest (excluding taxes and fees) on $100,000, according to mortgage calculator Forbes Advisor. In total interest, you would pay $102,601 over the life of the loan.

20-Year Fixed Rate Mortgage Refinance Rate

The average interest rate on the 20-year fixed refinance mortgage is 5.26%. At this time last week, the 20-year fixed rate mortgage was at 5.55%.

The APR on a 20-year fixed is 5.29%. Last week it was 5.58%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 5.26% will cost $674 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $61,857 in total interest.

15-year refinancing rate

Today, the 15-year fixed mortgage rate is 4.78%, lower than it was a day ago. Last week it was 4.90%. Today’s rate is above the 52-week low of 3.32%.

The annual percentage rate of charge on a 15-year fixed term is 4.82%. This time last week it was 4.94%.

A $100,000 15-year fixed rate mortgage refinance with a current interest rate of 4.78% will cost $779 per month in principal and interest. Over the term of the loan, you will pay $40,289 in total interest.

Jumbo refinance rate over 30 years

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.41%. A week ago, the average rate was 5.64%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 4.08%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 5.41% will pay $562 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 $562, and you would pay approximately $102,376 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 15-year fixed rate jumbo mortgage refinance dropped to 4.77%. Last week, the average rate was 4.94%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.31%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.77% will pay $779 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 $5,841 and you would pay approximately $301,467 in total interest over the life of the loan.

5/1 ARM interest rate

On an ARM 5/1, the average rate rose slightly to 3.66% from 3.65% yesterday. The average rate was 3.62% last week. Today’s rate is currently a 52-week high.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.66% will pay $458 per month in principal and interest.

When should you refinance your home

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.