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