Refi Rates Today, February 22, 2021 | Rates move up

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

Both 15-year fixed and 30-year fixed refinances saw their average rates rise. At the same time, average rates for 10-year fixed refinances also increased.

Refinancing interest rates are constantly shifting. However, they’re exceptionally low right now. For those looking to refinance their existing mortgage, this might be the right move to lock in a great deal on an interest rate.

The average mortgage refinance rates are as follows:

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 3.07%, an increase of 18 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 paying more each month will impact your mortgage. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Fixed-Rate Refinance

For 15-year fixed refinances we’re seeing an average rate of 2.47%, an increase of 11 basis points over the previous week.

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 save you thousands of dollars interest over the life of the loan.

10-Year Fixed-Rate Refinance

The average 10-year, fixed refinance rate is 2.47%, an increase of 10 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 Have Changed

Last year, 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. The direction rates end up going, will largely depend on broader economic factors, such as unemployment and inflation.

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:

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.07%2.89%+0.18
15-year fixed refinance rate2.47%2.36%+0.11
10-year fixed refinance rate2.47%2.37%+0.10

Rates as of February 22, 2021.

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

How Are Refinance Rates Determined?

Refinance rates are impacted by your finances and what’s going on with the economy. Beyond that, the property and the type of refinance loan also influence the rate.

Factors that influence refinance rates include:

  • Refinance loan type
  • Your loan-to-value ratio
  • 10-year U.S. Treasury yields
  • Inflation
  • Individual circumstances: Credit history, income, and debt
  • Health of the economy

Is Now the Right Time to Refinance?

For many borrowers, now is an excellent time to refinance because rates have been near historic lows. While refinance rates change day-to-day, if you can lock in a rate near 3%, which is an exceptionally low interest rate, you can save a lot of money. 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

The historically low interest rates we’ve experienced have helped fuel a hot market for mortgage refinancing. So while many homeowners can save with a refinance, the time it takes to close on a loan can be longer than usual under normal circumstances. 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

Refinance rates are influenced by your personal finances. Having a healthier credit score and lower debt-to-income ratios will generally be able to get better refinance rates.

But your personal financial situation isn’t the only thing that will impact the interest 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.

Even the mortgage itself has an affect on what your refinance interest rate will be. A loan with a shorter repayment term usually have lower refinance rates than longer term loans. Your refinance interest rate is also impacted by the type of refinance loan you plan on taking out. A cash-out mortgage refinance loan is considered more risky and will have a higher mortgage refinance rate than other types of home loan 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 “ 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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