Refi Rates Today, February 15, 2021 | Rate ticks higher

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In general, refinance rates for mortgage were varied with one notable rate going up.

The average rate for a 15-year fixed refinance slumped, while 30-year fixed-rate refinances increased. At the same time, average rates for 10-year fixed refinances shrank.

Mortgage refinance rates are constantly changing. However, they’re presently abnormally low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this may possibly be the right move to lock in a great deal on an interest rate.

Take a look at today’s refinance rates:

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 2.89%, an increase of 1 basis point from what we saw last week. Just last month, a 30-year fixed refinance had a smaller average rate of 1.00%.

You can use our mortgage calculator to price out your monthly mortgage payments 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

Right now, average 15-year fixed refinance rates are 2.36%, a decrease of 1 basis point from a week ago.

Monthly payments on a 15-year refinance loan will be bigger compared to a 30-year refinance at the same rate. 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 2.37%, a decrease of 2 basis points what we saw last week.

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

In 2020, we saw the lowest average historical mortgage rates on record. This trend could continue, as some experts predict mortgage rates will stay low in 2021, with the potential for slight gains later in the year. Where rates are trending, will largely depend on broader economic factors, government policies, and decisions made by the Federal Reserve.

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 rate2.89%2.88%+0.01
15-year fixed refinance rate2.36%2.37%-0.01
10-year fixed refinance rate2.37%2.39%-0.02

Rates as of February 15, 2021.

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

Factors Behind Today’s Refinance Rates

The refinance rate you qualify for is based on a number of things that aren’t in your control. The overall direction of the economy and decisions made by the Federal Reserve can have a big impact on refinance rates. However, your personal finances also matter.

Factors to pay attention to are:

  • Type of refinance loan
  • Amount of equity in your home
  • U.S. Treasury bond Yields
  • Inflation rates
  • Personal financial situation: Credit history, and debt-to-income ratio
  • Strength of the economy

Is Now the Right Time to Refinance?

In many cases, now is the right time to look into refinancing your existing mortgage. Over the last few months, we’ve seen rates drop to record lows. One caveat is that in order to be eligible for the historically low rates you’ll need a strong financial profile. Having a low debt-to-low income ratio, strong credit score, and a healthy down payment is essential. Also, if you’re closing on a refinance after Dec. 1, 2020, your loan might end up being more expensive. That’s when the Federal Housing Finance Agency is adding a new refinancing fee of 0.5% on conventional refinance loans of $125,000 or more.

Current Refinance Rate Market

Lenders have been unusually busy with refinance loans because of the low interest rates. For many borrowers, now is a good opportunity to refinance, but you should expect to have a longer wait than usual to close on your new mortgage. And as some mortgage lenders become more risk averse, you’re more likely to run into stricter lending guidelines. So borrowers with blemishes on their credit report or who have recently changed jobs may find themselves unable to qualify for a refinance.

How to Get the Lowest Refinance Rate

Your finances have a big impact on the refinance rate you’ll be able to secure. Fewer monthly debt payments and a higher credit score usually will get you a lower mortgage refinance rate.

Your situation isn’t the only factor that impacts the refinance interest rates you’re offered. The 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.

Even the mortgage itself has an affect on what your refinance interest rate will be. Shorter-term refinance loans usually have lower rates than 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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