Current Refinance Rates, May 4, 2021 | Rates Don’t Move

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Today multiple closely followed mortgage refinance rates didn’t move.

Both 15-year fixed and 30-year fixed refinances saw their average rates stay flat. At the same time, average rates for 10-year fixed refinances sank.

Refinancing interest 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 can be the perfect time to secure a record-low rate.

Here are the average rates for 30-year, 15-year, and 10-year refinance loans are:

Take a look at local refinance rates.

30-Year Fixed Refinance Rates

Right now, the average 30-year, fixed refinance has an interest rate of 3.14%, unmoved from what we saw last week.

You can use our mortgage calculator to price out your monthly mortgage payments 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.

15-Year Fixed-Rate Refinance

Right now, average 15-year fixed refinance rates are 2.44%, unmoved 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 2.37%, a decrease of 2 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 Movement

The days of record low mortgage rates look to be behind us. In early March, mortgage rates topped 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.

The table below shows how refinance rates have changed in the past week. This information is supplied by Bankrate, which compiles data collected from lenders across the country. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.14%3.14%N/C
15-year fixed refinance rate2.44%2.44%N/C
10-year fixed refinance rate2.37%2.39%-0.02

Rates as of May 4, 2021.

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

Factors Behind Today’s Refinance Rates

Refinance rates are impacted by your finances and the direction of the economy. Beyond that, the property and the type of refinance also influence the rate.

Factors that influence refinance rates include:

  • Type of refinance loan
  • Amount of equity in your home
  • U.S. Treasury bond Yields
  • Inflation
  • Personal financial situation: Credit history, and debt-to-income ratio
  • Condition of the economy

Refinance Rate Predictions

On a day to day basis refinance rates can move up or down based on a wide variety of factors. But the general trend is going to be rising rates in the months to come.

With refinance rates hitting a record low just a few months ago, they had little place to move except up. And since January that is exactly what interest rates have done. It’s important to point out that from a historical perspective, refinance rates are still exceptionally low, even with the recent surge. So as the vaccine distribution continues to gain steam and the economy begins to open back up, refinance rates still have plenty of room to grow.

Is Now the Right 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.

Why Are Refinance Rates Increasing?

Over the past few months, we’ve seen a steady increase in refinance rates.

This increase in rates has been driven by several factors, including inflation, and the economy. As the economy begins to show signs of life and spending increases thanks to a new round of economic stimulus, investors are expecting inflation to increase. And when inflation goes up, rates follow suit.

While refinance rates haven’t grown to levels beyond what many experts predicted, they have increased sooner than anticipated. Keep in mind, that from a historical perspective, refinance rates are still exceptionally low. So the window to save money with a mortgage refinance is still open for many homeowners.

How to Get the Lowest Refinance Rate

Refinance rates vary depending on your personal financial situation. Having a healthier credit score and better DTI ratios will usually be able to obtain lower refinance rates.

Your personal finances aren’t the only factor that impacts the mortgage refinance rates you’re offered. The equity you have in the home also comes into play. Having at least 20% equity in your property is ideal.

The type of mortgage loan has an affect on your mortgage refinance rate. A shorter-term refinance loan usually has lower refinance rates than a longer term loan. Also, if you want to pull cash out of your home with a cash-out refinance, you’ll be charged a higher interest rate, compared to other types of refinancing.

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 “ Site Average” tables include are not the same every day.

National lenders provide this mortgage rate information to It is possible the mortgage rates we reference has changed since this was published.

Mortgage Interest Rates by Loan Type

Mortgage Refinance Rates

Home Purchase Rates

More of Our Articles About Home Loan Refinancing: