30-year refinance rate moves up

by Candyd Mendoza14 Aug 2019

The 30-year fixed-rate refinance experienced an upswing while the 15-year and 10-year fixed refis moved down, according to a recent report from Bankrate.com.

The 30-year refinance rate averaged 3.84% last week, up two basis points from the week before but lower compared to June, when the 30-year fixed refi averaged 3.88%.

At this rate, borrowers have to pay $468.24 per month in principal and interest for every $100,000 borrowed. This monthly payment costs $1.14 more per $100,000 than last week.

Meanwhile, the average rate for a 15-year fixed refinance dropped to 3.11%, down three basis points. Monthly payments on a 15-year fixed refi at this rate cost nearly $695 per $100,000.

Payment on a 10-year fixed refi at 3.06%, on the other hand, costs $971.62 per month for every $100,000 borrowed. The 10-year fixed-rate refinance fell seven basis points from the week prior.