Current Mortgage Refinance Rates, April 26, 2021 | Rates Mixed

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Today, refinance rates for mortgages were varied.

We saw 15-year fixed refinance rates drop, while nationwide rate averages for 30-year fixed refinances remained unaltered. The average rate on 10-year fixed refinance mortgages moved up.

Refinancing rates are constantly changing. However, they’re presently low, making them a potentially great deal for borrowers. 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:

Compare refinance rates for a wide range of different loans here.

30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.13%, unmoved from a week ago.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and to understand what the effects of making extra payments would be. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Fixed-Rate Refinance

For 15-year fixed refinances we’re seeing an average rate of 2.43%, a decrease of 1 basis point 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 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 4 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost even more than what you’d pay on a 15-year loan. The upside is you’d end up paying even less interest over the life of the loan.

How Mortgage Refinance Rates Have Changed

The days of all-time historically low mortgage rates could be over. In early March, mortgage rates inched above 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 toward the end of the year it’s more likely that rates will make steady gains. Whatever ends up happening with refinance rates in the long term will depend on broad factors, such as inflation and our economic recovery.

The table below shows refinance rates trends from the past week. This information is provided by Bankrate, which compiles data collected from lenders nationwide. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.13%3.13%N/C
15-year fixed refinance rate2.43%2.44%-0.01
10-year fixed refinance rate2.41%2.37%+0.04

Rates as of April 26, 2021.

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

How Are Refinance Rates Determined?

Refinance rates are determined by a number of factors, including your personal situation. You’ll also need to consider the type of refinance and loan repayment term because that can also impact your rate. For example, if you want to take equity out of your property with what is known as a cash-out refinance, you can expect to pay a higher refinance rate. And loans with longer repayment terms, typically have higher interest rates.

However, everything isn’t in your control when it comes to refinance rates. Economic factors, like inflation, go a long way in determining the market for refinance rates. Government policies also make a difference, when government spending goes up, it can put upward pressure on inflation and cause rates to climb.

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?

The past year was a historically excellent time to refinance because rates had never been lower. However, since January mortgage rates have crept up and crossed the 3% threshold for the first time since last summer.

Even though the days of record breaking refinance rates are behind us, this is still an exceptional time to refinance for many homeowners. If you can lock in today’s rates that are just north of 3%, you are getting a deal with a close to all-time low rate.

So there is still time to save with a refinance, but that window is closing. Many experts are predicting rates to continue to increase as the economy returns to pre-pandemic levels over the next year.

What’s Driving Increasing Refinance Rates?

Since the beginning of 2021, refinance rates have been making a steady march upward.

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 Qualify for the Best Refinance Rate

Your financial situation has a big effect on the refinance rate you can qualify for. Having less debt and a better credit score generally translates into a lower mortgage refinance rate.

Your personal finances aren’t the only thing that will impact your refinance interest rate. Your home’s equity also factors into the decision. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

Even the mortgage itself will impact your refinance rate. A shorter-term refinance loan typically has lower rates than a longer term loan. The type of refinance you need makes a difference in the refinance interest rate. A cash-out refinance loan is considered more risky and will have a higher interest rate than other types of refinance loans.

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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