Home Mortgages Daily Rates Current Refinance Rates, January 12, 2021 | Rates advance

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Current Refinance Rates, January 12, 2021 | Rates advance

January 12, 2021 | 3 Min Read

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Today a number of benchmark mortgage refinance rates grew.

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

Refinancing interest rates are constantly changing. However, they are exceptionally low right now. For those looking to refinance their existing mortgage, this may possibly be the perfect time to secure a record-low rate.

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 2.98%, an increase of 9 basis points from a week ago. 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

Currently, the average rate for a 15-year fixed refinance loan is 2.43%, an increase of 10 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 help you build up equity in your home much more quickly.

10-Year Fixed-Rate Refinance

The average 10-year, fixed refinance rate is 2.45%, an increase of 9 basis points from the rate observed over the previous week.

Monthly payments with a 10-year refinance term would cost a lot more per month than you would with a 15-year term, but you’ll pay less interest in the long term.

Where Are Rates Trending

To determine refinance rate trends, we use 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
30-year mortgage refinance rate	2.98%	2.89%	+0.09
15-year fixed refinance rate	2.43%	2.33%	+0.10
10-year fixed refi	2.45%	2.36%	+0.09

Rates as of January 12, 2021.

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

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%, that’s an exceptionally low interest rate. 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. Thanks to 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 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.