Today’s Mortgage Refinance Rates, April 23, 2021 | Rate Rises

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Today, several notable mortgage refinance rates grew.

The average rate nationwide for a 15-year fixed refinance shrank, while 30-year fixed-rate refinances advanced. And average rates for 10-year fixed refinances made gains.

Mortgage refinance rates are constantly shifting. However, they’re presently low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this might be a great opportunity to reduce your interest rate.

Take a look at today’s refinance rates:

Take a look at local refinance rates.

30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.14%, an increase of 1 basis point over the previous week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and find out how much less interest you’ll pay by making additional 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

Right now, average 15-year fixed refinance rates are 2.43%, a decrease of 2 basis points from what we saw last week.

Monthly payments on a 15-year refinance loan can be a considerable amount more than what you’d get with a 30-year mortgage. However, a shorter loan term can help you build up equity in your home much more quickly.

10-Year Fixed-Rate Refinance

The average 10-year, fixed refinance rate is 2.41%, an increase of 4 basis points from what we saw last week.

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

Mortgage Refinance Rate Movement

The days of record low mortgage rates could be over. In recent weeks, 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. Experts see rates staying low throughout 2021, and will only start seeing consistent gains in the second half of the year. 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%3.13%+0.01
15-year fixed refinance rate2.43%2.45%-0.02
10-year fixed refinance rate2.41%2.37%+0.04

Rates as of April 23, 2021.

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

What Influences Today’s Refinance Rates?

There’s no single factor that determines mortgage refinance rates. Instead, a variety of personal components and economic factors come into play.

These factors include:

  • Type of refinance loan
  • Amount of equity in your home
  • Yields for 10-year Treasury bonds
  • Rate of inflation
  • Personal finances: Credit score, and debt-to-income ratio
  • Strength 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.

With more and more people getting vaccinated everyday, there is hope that the worst is behind us. So the days of all-time low rates look to be over. However, even with refinance rates making strong gains, they still remain low. So for many homeowners, now is still a good time to refinance, even if rates aren’t as low as they were just a few months ago.

How to Get the Best Refinance Rate

Mortgage refinance rates are influenced by your personal finances. If you have a higher credit score and better DTI ratios will usually be able to obtain better interest rates.

Your personal finances aren’t the only consideration that affects the interest rate you qualify for. Your house’s value compared to your loan balance also factors into the decision. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an affect on your refinance rate. A loan with a shorter repayment term generally has lower refinance rates than a longer term loan. Also, if you want to turn your equity into cash with a cash-out refinance, you’ll be charged a higher interest rate, compared to other types of refinancing.

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.

National lenders provide this mortgage rate information to Bankrate.com. It is possible the mortgage rates we reference has changed since this was published.

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