Student Loan Refinance Rates: April 16, 2024—10-Year Loan Rates Slip [Forbes]
NerdWallet, Inc. (NRDS)
Company Research
Source: Forbes
According to Credible.com, during the week of April 8, the average fixed interest rate on a 10-year refinance loan was 7.43%. It was 6.80% on a five-year variable-rate loan. That's for borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace. These rates are accurate as of April 8, 2024. Related: Best Student Loan Refinance Lenders Fixed-Rate Loans The average fixed rate on 10-year refinance loans last week declined 2.10 percentage points to 7.43%. The week before, the average stood at 9.53%. At this time last year, the average fixed rate on a 10-year refinance loan was 7.01%, or 0.42 percentage points lower than today's rate. That means that borrowers who refinance now have the chance to lock in a new rate that's higher than what they would have received this time last year. Let's say you refinanced $20,000 in student loans at today's average fixed rate. You'd pay around $237 per month and approximately $8,401 in total in
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