Student Loan Refinance Rates: April 30, 2024—10-Year Loan Rates Jump Up [Forbes]
NerdWallet, Inc. (NRDS)
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Source: Forbes
For borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace during the week of April 22, the average fixed interest rate on a 10-year refinance loan was 7.47%. On a five-year variable-rate loan, the rate was 7.00%, according to Credible.com. These rates are accurate as of April 22, 2024. Related: Best Student Loan Refinance Lenders Fixed-Rate Loans The average fixed rate on 10-year refinance loans last week increased by 0.07 percentage points to 7.47%. The week before, the average stood at 7.40%. Fixed interest rates don't change 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 6.96%, 0.51 percentage points lower than today's rate. If you were to refinance $20,000 in student loans to today's average fixed rate, you'd pay around $237 per mont
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