Refi Rates Today, January 13, 2021 | Rates move higher

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Today multiple closely followed mortgage refinance rates moved up.

Both 15-year fixed and 30-year fixed refinances saw their average rates go up. In addition, the average rate on 10-year fixed refinance also moved up.

Mortgage refinance rates are constantly changing. However, they are presently abnormally low, making them a potentially great deal for borrowers. 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.

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 11 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 price out your monthly mortgage payments and to understand what the effects of making extra payments would be. 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 are seeing an average rate of 2.46%, an increase of 13 basis points from what we saw last week.

Monthly payments on a 15-year refinance loan are tougher to fit into a monthly budget than a 30-year mortgage payment would be. 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 2.48%, an increase of 12 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.

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 rate3.01%2.90%+0.11
15-year fixed refinance rate2.46%2.33%+0.13
10-year fixed refi2.48%2.36%+0.12

Rates as of January 13, 2021.

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

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. Keep in mind, you will need a high credit score to qualify for these ultra-low rates. 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

The historically low interest rates we’ve experienced have helped fuel a hot market for mortgage refinancing. So at the same time that 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 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.

Mortgage Interest Rates by Loan Type

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