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Refinance rates and mortgage rates today are so very low right now if you’re thinking about refinancing you should do so before interest rates move higher. If you can afford the monthly mortgage payments on a 15 year loan instead of a 30 year loan you should refinance to a short term mortgage. You will save so much money doing so.
Another positive to 15 year loans is mortgage rates are always lower on 15 year loans than 30 year loans. That’s true of both conforming mortgages and jumbo mortgages. Rates on average are about 50 basis points (.50%) to 75 basis points (.75%) lower.
Right now 30 year conforming mortgage interest rates run about 4.00% and 15 year conforming rates run about 3.50% or even lower. In fact right now on our mortgage rate table there are many lenders offering 15 year conforming rates lower.
Depending on the state you live in Quicken Loans is offering 15 year rates at 2.99% with an APR 3.43%. Aimloan is offering rates at 2.875% with an APR of 3.067%. Amerisave is offering 15 year mortgage interest rates at 2.75% with an APR of 3.08%.
As you can see mortgage rates in general are very low. The best way to see how much money you can save in total mortgage interest payments is to use a mortgage calculator which will lay everything out for you. I recently refinancing to a 15 year mortgage at 2.75%.
Using a mortgage calculator I was able to see that I would save over $325,000 in mortgage interest payments by refinancing to a 15 year mortgage instead of a 30 year mortgage. You should do the same to see how much money you can save in mortgage interest payments.