Refi Rates Today, June 10, 2021 | Rates Fall

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Today, a few notable refinance rates declined.

Both 15-year fixed and 30-year fixed refinances saw their average rates sink. The average rate on 10-year fixed refinance mortgages also saw a decrease.

Refinancing rates are constantly changing. However, rates have been hovering near historic lows for quite some time. For those looking to refinance their existing mortgage, this may possibly be the perfect time to secure a record-low rate.

Take a look at today’s refinance rates:

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 3.14%, a decrease of 2 basis points from what we saw last week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and find out how much less interest you’ll pay by making additional 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 Rates

Right now, average 15-year fixed refinance rates are 2.40%, a decrease of 2 basis points from what we saw last 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 Rates

The average 10-year, fixed refinance rate is 2.40%, a decrease of 3 basis points from 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.

Mortgage Refinance Rate Trends

The days of all-time historically low mortgage rates could be over. In recent weeks, mortgage rates inched above 3% for the first time since July, according to Freddie Mac’s weekly survey.

But rates should still remain favorable for borrowers throughout this year. Some experts predict mortgage rates will stay low, and will only start seeing consistent gains in the second half of the year. Whatever ends up happening with refinance rates in the long term will depend on broad factors, such as inflation and our economic recovery.

We determine refinance rate trends using data aggregated by Bankrate, which is owned by the same parent company as NextAdvisor. Lenders from across the country supply information to Bankrate, which is provided in the table below:

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.14%3.16%-0.02
15-year fixed refinance rate2.40%2.42%-0.02
10-year fixed refinance rate2.40%2.43%-0.03

Rates as of June 10, 2021.

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

Is Now Still a Good Time to Refinance?

Record low refinance rates drove a surge in mortgage refinancing over the past year. But as interest rates have rebounded from all-time lows, the number of borrowers looking to refinance has begun to shrink.

However, even with the downturn, the interest in mortgage refinancing remains stronger than it was before the pandemic drove rates into the ground. This is because refinance rates are hovering at just over 3%, which is still a historically good deal, even if it’s higher than the recent lows.

So as we turn our backs on record low interest rates, many borrowers are still able to save with a refinance. But many experts forecast that rates will continue to trend upward throughout 2021. So it’s reasonable to expect refinancing to get more expensive for borrowers as the year progresses.

How to Get the Best Refinance Rate

Mortgage refinance rates vary depending on your personal financial situation. If you have a higher credit score and better DTI ratios will typically be able to obtain lower refinance rates.

Your personal finances aren’t the only thing that will impact your mortgage refinance rate. 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.

The type of mortgage loan can determine what your mortgage refinance rate will be. A loan with a shorter repayment term generally has better rates than loans with longer repayment terms, all else equal. The type of refinance loan you need makes a difference in the mortgage refinance rate. A cash-out mortgage refinance loan is viewed as a riskier loan and will have a refinance rate than other types of mortgage refinancing.