Today’s Mortgage Refinance Rates, April 22, 2021 | Rates Tick Lower

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Today, several notable refinance rates receded.

Both 15-year fixed and 30-year fixed refinances saw their average rates decline. And average rates for 10-year fixed refinances moved up.

Mortgage refinance rates are constantly changing. However, they’re still near lows that we’ve never seen before. For those looking to refinance their existing mortgage, this may possibly be the perfect time to secure a record-low rate.

The average mortgage refinance rates are as follows:

You can discover the right refinance rate for you here.

30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.14%, a decrease of 3 basis points over the previous week.

You can use our mortgage calculator to price out your monthly mortgage payments and to understand how much you could save if you made extra payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Fixed-Rate Refinance

Currently, the average rate for a 15-year fixed refinance loan is 2.43%, a decrease of 3 basis points from a week ago.

Monthly payments on a 15-year refinance loan are tougher to fit into a monthly budget than a 30-year mortgage payment would be. However, a shorter loan term can save you thousands of dollars interest over the life of the loan.

10-Year Fixed-Rate Refinance

The average 10-year, fixed refinance rate is 2.41%, an increase of 2 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost a lot more per month than you would with a 15-year term, but you’ll pay less interest in the long term.

How Mortgage Refinance Rates Have Changed

The days of record low mortgage rates could be over. In early March, mortgage rates topped 3% for the first time since July, according to Freddie Mac’s weekly survey.

But rates should still remain favorable for borrowers throughout this year. Some experts predict mortgage rates will stay low, and that much later this year it’s more likely that rates will make steady gains. Where refinance rates move in the long term will depend on broad factors, such as inflation and our economic recovery.

We determine refinance rate trends using data aggregated by Bankrate, which is owned by the same parent company as NextAdvisor. Lenders nationwide supply information to Bankrate, which is provided in the table below:

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.14%3.17%-0.03
15-year fixed refinance rate2.43%2.46%-0.03
10-year fixed refinance rate2.41%2.39%+0.02

Rates as of April 22, 2021.

Take a look at mortgage refinance rates for a number of different loans.

How Are Refinance Rates Determined?

Refinance rates are impacted by your finances and what’s going on with the economy. Beyond that, the property and the type of refinance mortgage also factor into the equation.

Factors that influence refinance rates include:

  • Type of refinance loan
  • Your loan-to-value ratio
  • 10-year U.S. Treasury yields
  • Inflation
  • Individual circumstances: Credit history, income, and debt
  • Health of the economy

Refinance Rate Predictions

Mortgage refinance rates fluctuate from day to day and week to week, but in the coming months the overall trend is going to be rising mortgage rates.

In 2020, refinance rates fell to the lowest levels on record. The Federal Reserve bank would like to keep rates low in order to stimulate the economy, but in order to accomplish its goal we don’t need to have all-time low interest rates. And as unemployment continues to drop and people have more money to spend, inflation should rise. This is one factor that will push refinance rates higher over the long haul, even though they are currently favorably low.

Is Now the Right Time to Refinance?

Record low refinance rates drove a surge in mortgage refinancing over the past year. But as interest rates have rebounded from all-time lows, the number of borrowers looking to refinance has begun to shrink.

However, even with the downturn, the interest in mortgage refinancing remains stronger than it was before the pandemic drove rates into the ground. This is because refinance rates are hovering at just over 3%, which is still a historically good deal, even if it’s higher than the recent lows.

So as we turn our backs on record low interest rates, many borrowers are still able to save with a refinance. But many experts forecast that rates will continue to trend upward throughout 2021. So it’s reasonable to expect refinancing to get more expensive for borrowers as the year progresses.

Why Are Refinance Rates Increasing?

Over the past few months, we’ve seen a steady increase in refinance rates.

This increase in rates has been driven by several factors, including inflation, and the economy. As the economy begins to show signs of life and spending increases thanks to a new round of economic stimulus, investors are expecting inflation to increase. And when inflation goes up, rates follow suit.

While refinance rates haven’t grown to levels beyond what many experts predicted, they have increased sooner than anticipated. Keep in mind, that from a historical perspective, refinance rates are still exceptionally low. So the window to save money with a mortgage refinance is still open for many homeowners.

How to Get the Lowest Refinance Rate

Refinance rates are influenced by your personal finances. Having a healthier credit score and lower DTI ratios will usually qualify for a greater discount on their refinance interest rate.

Your situation isn’t the only thing that will impact your refinance rate. The equity you have in the property also comes into play. Having at least 20% equity in your property is ideal.

The type of mortgage loan will impact what your mortgage refinance rate will be. A shorter-term refinance loan usually has better rates than loans with longer repayment terms, all else equal. Also, if you want to turn your equity into cash with a cash-out refinance, you should expect to pay a higher mortgage rate for that privilege.

How We Got These Rates

The rates we have included are averages provided by Bankrate and are calculated after the close of the previous business day. The lenders that the “Bankrate.com Site Average” tables include are not the same every day.

Bankrate receives this mortgage rate information from lenders across the nation, but it is possible that the referenced rates have changed since publishing this article.

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