Today’s Mortgage Refinance Rates, June 11, 2021 | Rates Decline

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Today, numerous notable refinance rates trailed off.

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

Refinancing rates are constantly changing. However, they’re presently low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this might be the perfect time to secure a record-low rate.

The average mortgage refinance rates are as follows:

You can discover the right refinance rate for you here.

Today’s 30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.15%, a decrease of 1 basis point from what we saw last week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and to understand how much you could save if you made extra payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

Today’s 15-Year Fixed-Rate Refinance Rates

Currently, the average rate for a 15-year fixed refinance loan is 2.41%, a decrease of 1 basis point 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 save you thousands of dollars interest over the life of the loan.

Today’s 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 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.

Mortgage Refinance Rate Trends

The days of record low mortgage rates look to be behind us. 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. Experts see rates staying low throughout 2021, and will only start seeing consistent gains in the second half of the year. Where refinance rates move 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 rate3.15%3.16%-0.01
15-year fixed refinance rate2.41%2.42%-0.01
10-year fixed refinance rate2.40%2.43%-0.03

Rates as of June 11, 2021.

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

Is Now Still a Good Time to Refinance?

The past year was a historically excellent time to refinance because rates had never been lower. However, since January mortgage rates have crept up and crossed the 3% threshold for the first time since last summer.

Even though the days of record breaking refinance rates are behind us, this is still an exceptional time to refinance for many homeowners. If you can lock in today’s rates that are just north of 3%, you are getting a deal with a close to all-time low rate.

So there is still time to save with a refinance, but that window is closing. Many experts are predicting rates to continue to increase as the economy returns to pre-pandemic levels over the next year.

How to Qualify for the Best Refinance Rate

Refinance rates are influenced by your personal finances. Those with higher credit scores and lower DTI ratios will usually receive a larger discount on their refinance interest rate.

Your situation isn’t the only thing that will impact the refinance rates you’re offered. A lower loan-to-value ratio (LTV) can help you qualify for a reduced refinance rate. So it’s better to have more equity. Having at least 20% equity in your property is ideal.

Even the mortgage itself will impact your refinance interest rate. A loan with a shorter repayment term usually has better refinance rates than a longer term loan. The type of refinance you need makes a difference in the refinance interest rate. Cash-out mortgage refinance loans have larger mortgage refinance rates because they are viewed as more risky.