Refi Rates Today, January 14, 2021 | Rates increase

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Today a few closely followed mortgage refinance rates grew.

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 moved up.

Refinancing rates are constantly fluctuating. However, they are presently abnormally low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this might be a great opportunity to reduce your 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 2.96%, an increase of 1 basis point over the previous week. 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

Currently, the average rate for a 15-year fixed refinance loan is 2.44%, an increase of 6 basis points over the previous 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 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 2.46%, an increase of 6 basis points what we saw last 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 from across the nation supply information to Bankrate, which is provided in the table below:

Average refinance interest rates
30-year mortgage refinance rate2.96%2.95%+0.01
15-year fixed refinance rate2.44%2.38%+0.06
10-year fixed refi2.46%2.40%+0.06

Rates as of January 14, 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

Recently, lenders have been exceptionally busy thanks to the inundation of mortgage refinance applications propelled by the low interest rates. 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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