Refinance rates have changed only slightly since last Friday. The 30-year refinance rate has risen since last week, while 10-year and 15-year refinance rates have decreased. All three rates have fallen since this time last month. comes with a higher interest rate than a shorter-term fixed-rate mortgage. The 30-year fixed rates used to be higher than adjustable rates, but 30-year terms have become the better deal recently.
Your monthly payments will be higher for a 15-year mortgage than for a 30-year mortgage, though. You're paying off the same loan principal in a shorter amount of time, so you'll pay more every month.Many lenders offer similar rates on 10-year mortgages and 15-year mortgages, but you'll pay off your mortgage five years earlier.
But if your finances could use some work, it could still be in your best interest to wait to refinance. A poor credit score or a high debt-to-income ratio will result in a higher interest rate, which could cost you more than the 0.5% closing fee in the long run.
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