Refi Rates Today, April 28, 2021 | Rate Drops

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In general, refinance rates for mortgages were varied with one notable rate sinking lower.

We saw 15-year fixed-rate refinance averages stay flat, while 30-year fixed refinance rates receded. The average rate on 10-year fixed refinance mortgages inched up.

Mortgage refinance rates are constantly changing. However, they’re currently very low. For those looking to refinance their existing mortgage, this can be the right move to lock in a great deal on an interest rate.

Here are the average rates for 30-year, 15-year, and 10-year refinance loans are:

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 3.16%, a decrease of 1 basis point over the previous week.

You can use our mortgage calculator to price out your monthly mortgage payments 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 2.48%, unmoved 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 2.44%, an increase of 2 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 Are Changing

The days of all-time historically 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 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.

The table below shows where refinance rates were headed in the last week. This information is provided by Bankrate, which aggregates data collected from lenders across the country. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.16%3.17%-0.01
15-year fixed refinance rate2.48%2.48%N/C
10-year fixed refinance rate2.44%2.42%+0.02

Rates as of April 28, 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 wide variety of factors, including your personal situation. You’ll also need to consider the type of refinance and length of the loan because that can also impact your rate. For example, if you want to pull cash out of your property with what is known as a cash-out refinance, you can expect to have a higher refinance rate. And loans with longer repayment terms, typically have higher interest rates.

However, some things are out of your control when it comes to refinance rates. General economic influences, like inflation, play a big role in determining refinance loan interest rates. Government policies also have influence, when government spending goes up, it can put upward pressure on inflation and cause rates to grow.

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.

Why Are Refinance Rates Increasing?

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

As the economy continues to recover, you should expect to see rates rise. Although a full recovery may not happen in the near term, rates have risen on the expectation of a bright economic future. The new round of stimulus has increased the likelihood of rising inflation in many investors minds, which has driven up Treasury bond yields. And mortgage rates typically move in tandem with Treasury bonds.

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

Mortgage refinance rates are influenced by your personal finances. Those with higher credit scores and better DTI ratios will typically be able to get better refinance rates.

Your situation isn’t the only thing that will impact the mortgage refinance rate you qualify for. Your house’s value compared to your loan balance 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 can determine what your mortgage refinance rate will be. A loan with a shorter repayment term typically has better rates than a loan with longer terms. Your interest rate is also impacted by the type of refinance loan you plan on taking out. Cash-out refinance loans have higher mortgage refinance rates because they are viewed as riskier.

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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