Keyword Analysis & Research: refinancing home mortgage rates

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Frequently Asked Questions

How much can you save by refinancing your mortgage?

According to the White House, the average homeowner could save $3,000 a year by refinancing their mortgage. You want a lower monthly payment: Switching to longer loan terms, or switching from a higher interest rate could help you lower your monthly payment.

What are the current refinance rates?

The current 30-year, fixed-rate mortgage refinance rate is averaging 6.90%, according to Bankrate, while 15-year, fixed-rate refinance mortgages average of 6.21%. For 20-year mortgage refinances, the average rate is 6.66%. For a 5/1 adjustable-rate mortgage, the average rate is 5.51%.

What is the average APR for a 15-year fixed mortgage refinance?

The average 15-year fixed refinance APR is 5.94%, according to Bankrate's latest survey of the nation's largest refinance lenders. At Bankrate we strive to help you make smarter financial decisions.

What is the difference between a 20-year and a 30-year mortgage?

A 20-year mortgage lets you spread out the costs over a longer period of time than a 15-year mortgage, which means a lower monthly mortgage payment. Compared to a 30-year mortgage, a 20-year home loan has an abbreviated loan term and therefore gives you the opportunity to save on interest charges over the duration of the loan.

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