Refi Rates Today, June 11, 2021 | Rates Move Lower

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Today, multiple benchmark refinance rates trailed off.

Both 15-year fixed and 30-year fixed refinances saw their mean rates drop. The average rate on 10-year fixed refinance mortgages also went down.

Refinancing rates are constantly fluctuating. However, they’re still near lows that we’ve never seen before. For those looking to refinance their existing mortgage, this can 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 3.15%, a decrease of 1 basis point over the previous week.

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

Right now, average 15-year fixed refinance rates are 2.41%, a decrease of 1 basis point over the previous 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 Rates

The average 10-year, fixed refinance rate is 2.40%, a decrease of 3 basis points from a week ago.

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.

Mortgage Refinance Rate Trends

The days of all-time historically low mortgage rates look to be behind us. 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. 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 rate3.15%3.16%-0.01
15-year fixed refinance rate2.41%2.42%-0.01
10-year fixed refinance rate2.40%2.43%-0.03

Rates as of June 11, 2021.

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

Is Now Still a Good 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.

How to Qualify for the Best Refinance Rate

Mortgage refinance rates vary depending on your personal financial situation. Having a healthier credit score and lower DTI ratios will usually be able to get better interest rates.

Your situation isn’t the only consideration that affects your mortgage refinance rate. 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.

The type of mortgage loan will impact your mortgage refinance rate. A shorter-term refinance loan generally has lower refinance rates than a loan with longer terms. The type of mortgage refinance you need makes a difference in the refinance interest rate. A cash-out mortgage refinance loan is viewed as a riskier loan and will have a refinance interest rate than other types of home loan refinancing.