Current Mortgage Refinance Rates, November 24, 2021 | Rates Tick Lower

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Today, a few notable refinance rates dropped off.

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

Refinancing interest rates are constantly fluctuating. However, they’re still near lows that we’ve never seen before. For those looking to refinance their existing mortgage, this might be a great opportunity to reduce your interest rate.

Take a look at today’s refinance rates:

Check out mortgage refinancing rates for your area here.

What These Refinance Rate Changes Mean for Homeowners

If you haven’t refinanced in the past few years, rates are still historically low, so it’s worth considering. But the decision to refinance isn’t just about the rate, there are closing costs to consider as well. So be sure that you plan on staying in your home long enough for the interest savings to outweigh the fees. And remember, even if you don’t pay anything out of pocket, the refinance closing costs are typically rolled into your loan balance. So you’re paying for it one way or another.

Average 30-Year Fixed 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 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.

Average 15-Year Refinance Rates

Currently, the average rate for a 15-year fixed refinance loan is 2.44%, a decrease of 1 basis point from a week ago.

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.

Average 10-Year Fixed 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 a massive amount 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

Mortgage and refi rates are unusually low compared to any other time in mortgage interest rate history. However, rates have risen from their all-time lows and that is forecast to be part of the long-term trend. The Federal Reserve is expected to begin the process of unwinding its pandemic-era economic supports, including policies that have kept rates low.

Despite this, interest rates are not projected to jump higher overnight.. Many experts believe that rates will gradually rise over time and are likely to stay below 4% for the foreseeable future. Thus, assuming no surprises in the mortgage markets, homeowners looking to refinance should still have access to favorable rates.

How we determine refinance rates

Our refinance interest rates are based Bankrate’s daily rate data, which is owned by the same parent company as NextAdvisor. These overnight refinance rate averages are based on a customer profile that meets these qualifications:

  • Loan to value (LTV) or 80% or less
  • Primary residence
  • FICO score of 740 or higher
  • Single-family detached home

The information supplied to Bankrate from lenders across the country is provided 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 24, 2021.

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

Is It Still a Good Time to Refinance?

It’s not just about interest rates or home values when it comes to refinancing, your personal circumstances also play a significant role. Assessing whether refinancing fits into your financial and life plans, is always a good idea

One rule of thumb is that refinancing makes sense if you can reduce your interest rate by 1% or more. However, refinancing isn’t always about reducing your mortgage rate. Cash-out refinancing has grown in popularity recently as homeowners have decided to capitalize on increasing home values. A cash-out refi may not always get you the best rate, but it can be a smart way to consolidate debt or to affordably finance a home renovation.

If it makes sense for your situation, now is still a good time to refinance your mortgage.

How to Qualify for the Best Refinance Rate

Your finances have a big effect on the refinance rate you can qualify for. Having more equity in your home and a healthier credit score usually translates into a lower mortgage refinance rate.

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

The type of mortgage loan has an affect on your refinance rate. A loan with a shorter repayment term usually has better rates than refinance loans with longer repayment terms, all else equal. Also, if you want to turn your equity into cash with a cash-out refinance, you should expect to pay a higher mortgage rate for that privilege.

How Much Does Refinancing Cost?

When you refinance a mortgage the closing cost typically range from 3% to 6% of the loan amount. So for a $300,000 loan, you can expect to pay $9,000 to $18,000 in closing costs.

There are a number of factors that different lenders consider when assessing your situation. Compare your options and shop around. Everything from where the home is located to what loan type you’re refinancing into could impact your upfront costs.

Current Mortgage Rates by Loan Type

Mortgage Refi Rates

Home Purchase Interest Rates