Student Loan Refinance Rates: April 23, 2024—10-Year Loan Rates Drop [Forbes]
NerdWallet, Inc. (NRDS)
Company Research
Source: Forbes
Interest rates on refinanced student loans are slipping. During the week of April 15, the average fixed interest rate on a 10-year refinance loan was 7.40% for borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace. On a five-year variable-rate loan, the average interest rate was 5.88% among the same population, according to Credible.com. These rates are accurate as of April 15, 2024. Related: Best Student Loan Refinance Lenders Fixed-Rate Loans The average fixed rate on 10-year refinance loans last week slipped 0.03 percentage points to 7.40%. The week before, the average stood at 7.43%. Fixed interest rates remain the same throughout a borrower's loan term. That means borrowers refinancing now will lock in a rate higher than one they would have received this time last year. At this time last year, the average fixed rate on a 10-year refinance loan was 6.80%, 0.60 percentage points lower than today's rate. If you were
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