What is the Average Home Mortgage Refinancing Interest Rate?
The current average home mortgage refinancing interest rate is approximately 3.89% for 15 year plans, and 4.62% on 30 year plans. Due to government-funded relief plans as well as a wide array of competition in the mortgage refinancing market, interest rates are at the lowest they have been in years. Experts in the field predict that rates are likely to increase steadily over the next few years. Since most mortgage refinancing plans involve a fixed interest rate, this means that it is best to take out a mortgage refinance plan as soon as possible so as to benefit from this market trend.
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