Current Refinance Rates, November 22, 2021 | Rates Drop

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Today, a few notable refinance rates trailed off.

Both the 15-year fixed and 30-year fixed saw their mean rates shrink. The average rate on 10-year fixed refinance mortgages also shrank.

Refinancing interest rates are constantly shifting. However, rates have been hovering near historic lows for quite some time. For those looking to refinance their existing mortgage, this may be a great opportunity to reduce your interest rate.

The average mortgage refinance rates are as follows:

Take a look at local refinance rates.

What These Refinance Rate Changes Mean for Homeowners

As refinance rates remain near 3%, homeowners who’ve been waiting to refinance still have a chance to secure an exceptional rate. However, refinance fees normally range from 3% to 6% of the loan balance. So be sure that you’re saving more in the long run than you’re paying upfront. And it’s important to be aware that even a “no-closing-cost” refinance still has fees, but instead of paying them upfront, they’re rolled into your loan.

Average 30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 3.13%, a decrease of 3 basis points from a week ago.

You can use our mortgage calculator to get an idea of what your monthly payments will be 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.

Average 15-Year Refinance Rates

For 15-year fixed refinances we’re seeing an average rate of 2.44%, a decrease of 1 basis point over the previous 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 Refinance Rates

The average 10-year, fixed refinance rate is 2.42%, a decrease of 1 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.

Refinance Rate Trends

Mortgage and refi rates are extraordinarily low compared to any other time in mortgage rate history. However, rates have risen from their all-time lows and that is believed to be part of the long-term trend. Federal Reserve policies that have kept rates low during the pandemic are expected to slowly be ended in the coming months.

Even though rising rates are likely to be the long-term trend, that doesn’t mean they will shoot up overnight. Those who haven’t refinanced recently are in luck. Refinance rates move up and down from day to day, and week to week, but the increase we see in rates should be more gradual.

How our refinance rates are calculated

Our daily refinance rates are based Bankrate’s daily rate data, which is owned by the same parent company as NextAdvisor. These overnight refi rate averages are based on a customer profile of the following:

  • At least 20%+ equity
  • Owner occupied home
  • FICO score 740+
  • Single-family detached home

The information supplied to Bankrate from lenders nationwide is displayed in the table below:

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.13%3.16%-0.03
15-year fixed refinance rate2.44%2.45%-0.01
10-year fixed refinance rate2.42%2.43%-0.01

Rates as of November 22, 2021.

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

Is It Still a Good Time to Refinance?

The decision to refinance isn’t driven only by market factors such as interest rates or home values, your personal situation also matters. You’ll want to ask yourself if refinancing will help you accomplish your goals

If you can reduce your interest rate enough to offset the upfront closing costs, refinancing may be a good idea. However, refinancing isn’t always about reducing your mortgage rate. With home values rising, many homeowners are choosing to turn their new found equity into cash with a cash-out refinance. Cash-out refinance loans typically have higher rates compare to other options, but it can be a good way to pay for home upgrades or to pay off other higher interest debt.

As long as refinancing aligns with your financial goals and gets you closer to achieving them, then now is a good time to refinance.

How to Qualify for the Lowest Refinance Rate

Refinance rates are influenced by your personal finances. Those with higher credit scores and better loan-to-value (LTV) ratios will typically receive a larger discount on the mortgage refinance rates they are offered.

But your personal financial situation isn’t the only factor that impacts your interest rate. Your house’s value compared to your loan balance also factors into the decision. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

Even the mortgage itself has an affect on your mortgage refinance rate. A shorter-term refinance loan generally has better refinance rates than loans with longer repayment terms, all else equal. Your refinance interest rate is also affected by the type of mortgage refinance you plan on taking out. A cash-out refinance loan usually comes with a higher mortgage refinance rate than other types of refinance loans.

What Is the Average Cost of Refinancing?

What you’ll pay to refinance your mortgage can vary widely depending on these factors:

  • Where the property is located
  • Type of refinance loan
  • Your lender
  • Loan amount
  • Your credit score
  • Home’s equity

In general, refinance closing costs are 3% to 6% of the loan balance. The type of the loan you are refinancing into can impact its cost in a few different ways. Certain government-backed refinance loans, like the FHA Streamline or VA Interest Rate Reduction Refinance Loan (IRRRL) may not require an appraisal, but could come with hefty upfront fees to cover the mortgage insurance. On the other hand, if you have enough equity, you could refinance into a conventional loan to possibly get rid of the mortgage insurance requirement.

Mortgage Rates by Loan Type

Mortgage Refi Rates

Home Loan Interest Rates