Rates for 10- and 15-year refis, however, move down
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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.
