Refinancing rates picked up in July

Monthly payments on a 30-year fixed-refi cost around $470 per $100,000

Refinancing rates picked up in July

Refinancing rates have experienced upturns and downswings this month but have stayed relatively low by historical standards, according to Bankrate.com.

The average rate on a 30-year fixed refi climbed to 3.87% from 3.81% in June, up three basis points over the past week.

At the current rate, borrowers would have to pay $469.95 per month in principal and interest for every $100,000 they borrow. Last week, the monthly payment on a 30-year fixed-refi was $468.24.

Meanwhile, the average 15-year fixed-refinance rate dropped to 3.22%, down one basis point from last week. A 15-year fixed refinance would cost nearly $700 per $100,000 every month at this rate.

Only the rate for a 10-year fixed-refinance loan remained unchanged from the prior week’s 3.15%. Monthly payments at a 3.15% rate would cost $972.55 for every $100,000 borrowed.

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