Mortgage RefinanceMultiple refinance rates decreased last Thursday, April 6. The average for 30-year fixed-refinance went down 7 basis points in a week to fall to 3.95 percent. The average of 15-year fixed-refi, on the other hand, went down only 3 basis points to 3.16 percent. Lastly, the average for 10-year fixed-refi decreased to 3.00 percent, down 4 basis points.

How Much Will You Pay?

In terms of how much you pay in principal and interest, for a 30-year fixed-refi, you will pay $457.54 a month for every $100,000 you borrow at the current rate. For the 15-year, you will pay $697 monthly. Finally, you will pay $965.61 a month for the 10-year.

Why Refinance?

With such low rates, you can apply for a refinance now if you have been planning to get one. You can enjoy the lower average rates of the 15-year or 10-year fixed-refi if your income has increased. You can also do so if you want to lock in a fixed rate or if you are worried about rising mortgage rates. When your expenses have increased and your income has decreased, on the other hand, you can enjoy the still-low 30-year fixed-refinance.

Improve Financial Instability

As previously mentioned, you may have encountered financial issues recently. You can choose a government refinance program to lock in low-interest rates and to improve your unstable situation. You can take out a HARP home loan, for example. Primary Residential Mortgage, Inc. explains that the Home Affordable Refinancing Program (HARP) helps those under the water on their loans. To qualify, your current loan must be recorded by Fannie Mae or Freddie Mac.

You can also refinance FHA, VA, and USDA loans if you took out a loan from any of the mentioned institutions. Refinancing for these loans work in the same way as HARP. You can consult with a mortgage company based here in Utah to help you understand such options.

Now may be the best time to refinance your mortgage loan. Still, low-interest rates can help you pay much less before the market pushes rates up higher.