Current refinance averages moved lower weekly: 30-yr fixed ~6%, 20-yr fixed ~6%, and 15-yr fixed ~5.5%, with shorter terms still cheaper.
For each $100K refinanced, estimated monthly principal and interest ran $621 on 30-yr, $726 on 20-yr, and $815 on 15-yr loans.
Total interest stayed far lower on shorter terms: ~ $124K over 30 yr, ~$75K over 20 yr, and ~$47K over 15 yr.
Jumbo refinance rates also eased weekly, with 30-yr jumbo near 6.8% and 15-yr jumbo near 6.1%, plus lower monthly costs than before.
Refinance loans typically carried slightly higher rates than purchase mortgages, while paying closing costs upfront, buying points, and avoiding mortgage insurance could reduce rates.
The guidance said refinancing can help lower rates or payments, shorten payoff, tap equity, or remove PMI, but borrowers should weigh closing costs and break-even timing.