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

The average rate for a 30-year fixed mortgage is 5.30% with an APR of 5.31%, 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 3.78% with an APR of 4.85%.

Related: Compare current refinance rates

30-year fixed refinancing interest rate

The average 30-year fixed rate mortgage refinance rate fell to 5.30%. This time last week, the 30-year fixed rate was 5.42%. Today’s rate is below the 52-week high of 4.36%.

The APR, or annual percentage rate, over a 30-year period is 5.31%. Last week it was 5.43%. The APR 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 $555 per month in principal and interest (excluding taxes and fees) at the current interest rate of 5.30 %. In total interest, you would pay $99,910 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 5.26%.

The APR on a 20-year fixed is 5.32%. Last week it was 5.29%.

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 Fixed Rate Mortgage Refinance Rate

Today, the 15-year fixed mortgage rate is at 4.61%, which is lower than it was a day ago. Last week it was 4.78%. Today’s rate is above the 52-week low of 3.52%.

On a 15-year fixed refinancing, the annual percentage rate of charge is 4.63%. Last week it was 4.82%.

A $100,000 15-year fixed rate mortgage refinance with a current interest rate of 4.61% will cost $771 per month in principal and interest. Over the term of the loan, you will pay $38,713 in total interest.

Jumbo refinance rate over 30 years

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.28%. A week ago, the average rate was 5.41%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 4.39%.

Borrowers with a 30-year fixed rate jumbo mortgage refinance with a current interest rate of 5.28% will pay $554 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 $554, and you would pay approximately $99,463 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 fell to 4.59%. Last week, the average rate was 4.77%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.57%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with a current interest rate of 4.59% 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 $5,772, and you would pay approximately $288,961 in total interest over the life of the loan.

5/1 ARM interest rate

On a 5/1 ARM, the average rate remained at 3.78%. The average rate was 3.66% 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 3.78% will pay $465 per month in principal and interest.

When refinancing makes sense

You might want to refinance your mortgage for a variety of reasons: to lower your interest rate, reduce your monthly payment, or pay off your loan sooner. You can also use a refinance loan to access equity in your home for other financial needs, such as a renovation project or to pay for your child’s college education. If you paid for private mortgage insurance (PMI), refinancing may also give you the option to waive that cost.

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 get 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 rating
  • Consider a shorter term loan
  • Reduce your debt to income ratio
  • Monitor mortgage rates

A strong credit score doesn’t guarantee your refinance will be approved or that you’ll get the lowest rate, but it might make your way 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.