Current Mortgage Refinance Rates, February 19, 2021 | Rates move up

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Today, multiple closely followed mortgage refinance rates climbed.

Both 15-year fixed and 30-year fixed refinances saw their mean rates go higher. The average rate on 10-year fixed refinance also saw growth.

Refinancing interest rates are constantly fluctuating. However, they’re presently abnormally low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this might be the perfect time to secure a record-low rate.

Refinance rates currently are:

Check out mortgage refinancing rates for your area here.

30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.01%, an increase of 15 basis points 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 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

Currently, the average rate for a 15-year fixed refinance loan is 2.45%, an increase of 10 basis points 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 2.43%, an increase of 9 basis points from the rate observed over the previous 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 Are Changing

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 possibility that they will climb a bit higher toward the end of the year. Where rates are trending, will largely depend on broader economic factors, government policies, and decisions made by the Federal Reserve.

The table below shows how refinance rates have changed in the past week. This information is supplied by Bankrate, which aggregates data collected from lenders nationwide. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.01%2.86%+0.15
15-year fixed refinance rate2.45%2.35%+0.10
10-year fixed refinance rate2.43%2.34%+0.09

Rates as of February 19, 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 determined by a number of things that aren’t in your control. The overall health of the economy and decisions made by the Federal Reserve can have a significant impact on refinance rates. However, your personal finances come into play as well.

Factors to pay attention to are:

  • Refinance loan type
  • Amount of equity in your home
  • U.S. Treasury bond Yields
  • Inflation rates
  • Individual circumstances: Credit history, income, and debt
  • Health 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. Just remember, you’ll need a high credit score to qualify for these ultra-low rates. Another thing to keep in mind: The Federal Housing Finance Agency has enacted a new 0.5% refinancing fee as of Dec. 1, 2020. This extra cost will apply to conventional refinance loans worth $125,000 or more. You’re likely to find many mortgage lenders that will add the additional fee into their loan offers in one way or another.

Current Landscape for Refinance Rates

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. Because of the economic downturn, some lenders tightened their lending standards. That means those with weaker financial profiles or less equity in their homes may find it more difficult to qualify for a refinance loan.

How to Qualify for the Best Refinance Rate

Your financial situation has a big affect on the refinance rate you can qualify for. Less debt and a healthier credit score typically will get you a lower mortgage refinance rate.

Your personal finances aren’t the only thing that will impact your interest rate. Your home’s equity also factors into the decision. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an affect on your refinance rate. A loan with a shorter repayment term typically have better refinance rates than loans with longer repayment terms, all else equal. Also, if you want to pull cash out of your home 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.

Bankrate receives this mortgage rate information from lenders across the nation, but it is possible that the referenced rates have changed since publishing this article.

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