Refi Rates Today, April 30, 2021 | Rates Increase

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Today, a number of closely followed mortgage refinance rates ticked up.

Both 15-year fixed and 30-year fixed refinances saw their mean rates climb. The average rate on 10-year fixed refinance mortgages stayed the same.

Refinancing rates are constantly fluctuating. 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.

Take a look at today’s refinance rates:

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 3.17%, an increase of 3 basis points from what we saw last week.

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

Currently, the average rate for a 15-year fixed refinance loan is 2.46%, an increase of 3 basis points over the previous week.

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 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%, unmoved from the rate observed over the previous 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.

How Mortgage Refinance Rates Have Changed

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 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 rate3.17%3.14%+0.03
15-year fixed refinance rate2.46%2.43%+0.03
10-year fixed refinance rate2.41%2.41%N/C

Rates as of April 30, 2021.

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

Factors Behind Today’s Refinance Rates

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

These factors include:

  • Type of refinance loan
  • Amount of equity in your home
  • U.S. Treasury bond Yields
  • Rate of inflation
  • Individual circumstances: Credit history, income, and debt
  • Health of the economy

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.

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?

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 Lowest Refinance Rate

Your financial situation has a big effect on the refinance rate you’ll be able to secure. Less debt and a healthier credit score ordinarily will get you a lower mortgage refinance rate.

But your personal financial situation isn’t the only consideration that affects the refinance interest rates you’re offered. The amount of equity you have in the home also comes into play. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

The type of mortgage loan can determine what your refinance interest rate will be. A loan with a shorter repayment term generally has lower refinance rates than a loan with longer terms. 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.

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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