We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
In general, refinance rates for mortgage were varied with one notable rate going higher.
The national rate average for a 15-year fixed refinance not change, while 30-year fixed-rate refinances saw growth. The average rate on 10-year fixed refinance mortgages didn’t fluctuate.
Mortgage refinance 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 the right move to lock in a great deal on an interest rate.
Take a look at today’s refinance rates:
- Today, the average 30-year fixed refinance rate is 3.16%
- The average 15-year fixed refinance rates is 2.42%
- 10-year mortgage refinance rate: 2.43%
30-Year Fixed Refinance Rates
Right now, the average 30-year, fixed refinance has an interest rate of 3.16%, an increase of 3 basis points over the previous week.
You can use our mortgage calculator to price out your monthly mortgage payments 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 Rates
Currently, the average rate for a 15-year fixed refinance loan is 2.42%, 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 Rates
The average 10-year, fixed refinance rate is 2.43%, unmoved from what we saw last 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.
Mortgage Refinance Rate Trends
But rates should still remain favorable for borrowers throughout this year. Experts see rates staying low throughout 2021, and that toward the end of the 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 from across the nation supply information to Bankrate, which is provided in the table below:
|30-year mortgage refinance rate||3.16%||3.13%||+0.03|
|15-year fixed refinance rate||2.42%||2.42%||N/C|
|10-year fixed refinance rate||2.43%||2.43%||N/C|
Rates as of June 4, 2021.
Is Now Still a Good 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.
How to Get the Lowest Refinance Rate
Your personal situation has a big effect on the refinance rate you get. Having less debt and a higher credit score generally translates into a lower mortgage refinance rate.
Your personal finances aren’t the only factor that impacts the mortgage refinance rates you’re offered. The equity you have in the property 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 will impact what your mortgage refinance rate will be. A shorter-term refinance loan usually has better rates than a loan with longer terms. 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.