Mortgage Refinance Rates Today, April 29, 2021 | Rates Ratchet Higher

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Today, a number of benchmark mortgage refinance rates ticked up.

Both 15-year fixed and 30-year fixed refinances saw their average rates rise. And average rates for 10-year fixed refinances also made gains.

Refinancing interest rates are constantly shifting. However, rates have been hovering near historic lows for quite some time. For those looking to refinance their existing mortgage, this may possibly be a great opportunity to reduce your interest rate.

The average mortgage refinance rates are as follows:

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 3.16%, an increase of 2 basis points from a week ago.

You can use our mortgage calculator to determine how much your mortgage will cost you every month 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

Right now, average 15-year fixed refinance rates are 2.47%, an increase of 4 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 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 3 basis points from what we saw last week.

Monthly payments with a 10-year refinance term would cost a massive amount 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 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 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 refinance rates trends from the past 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%3.14%+0.02
15-year fixed refinance rate2.47%2.43%+0.04
10-year fixed refinance rate2.44%2.41%+0.03

Rates as of April 29, 2021.

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

What Influences Today’s Refinance Rates?

While there’s no single entity that determines refinance rates, the Federal Reserve plays a big role. When it decides to increase its purchase of mortgage-backed securities, mortgage rates usually will fall. The Federal Reserve’s policies also impact inflation, which can influence the direction refinance rates are heading in.

However, there are personal factors that impact what refinance rate you are qualify for. How much equity you have in your home is important. Aim for at least 20% equity if you want to get the lowest possible rate. Having your finances in order is also key, and a high credit score and low debt-to-income ratio (DTI) will help you qualify for a lower rate.

Refinance Rate Predictions

On a day to day basis refinance rates can move up or down based on a wide variety of factors. But the general trend is going to be rising rates in the months to come.

With refinance rates hitting a record low just a few months ago, they had little place to move except up. And since January that is exactly what interest rates have done. It’s important to point out that from a historical perspective, refinance rates are still exceptionally low, even with the recent surge. So as the vaccine distribution continues to gain steam and the economy begins to open back up, refinance rates still have plenty of room to grow.

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.

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

Refinance rates vary depending on your personal financial situation. Having a healthier credit score and lower DTI ratios will usually be able to obtain better refinance mortgage rate.

But your personal financial situation isn’t the only factor that impacts your interest rate. Your property’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 has an affect on your refinance rate. A shorter-term refinance loan typically has better rates than refinance loans with longer repayment terms, all else equal. 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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