Current Refinance Rates, November 25, 2021 | Rates Drop Off

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Today, several notable refinance rates slumped.

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

Refinancing interest rates are constantly fluctuating. However, they’re exceptionally low right now. For those looking to refinance their existing mortgage, this can be a great opportunity to reduce your interest rate.

The average mortgage refinance rates are as follows:

Check out mortgage refinancing rates for your area here.

What These Refinance Rate Changes Mean for Homeowners

As refinance rates remain near 3%, there is still an opportunity to to get a low rate for homeowners who haven’t refinanced in the last few years. But the decision to refinance isn’t just about the rate, there are closing costs to consider as well. 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.

30-Year Fixed Refi Rates

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

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.

15-Year Refi 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 can be a considerable amount more than what you’d get with a 30-year mortgage. However, a shorter loan term can save you thousands of dollars interest over the life of the loan.

10-Year Fixed Refi Rates

The average 10-year, fixed refinance rate is 2.42%, a decrease of 1 basis points from a week ago.

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 Refi Rate Trends

Mortgage and refinance interest rates are near their record lows. However, these rates are predicted to rise due to the Federal Reserve’s decision to begin the process of ending policies that have kept rates low for the past 18 months.

However, interest rates are unlikely to spike rise quickly. Many experts believe that rates will gradually rise over time and are likely to stay below 4% for the foreseeable future. Therefore, homeowners who want to refinance still have access to favorable rates.

How we calculate our refi rates

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

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

The information provided to Bankrate from lenders across the country is specified 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 25, 2021.

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

Is Now 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. The simple question to ask yourself is: “Will refinancing help me achieve my financial goals?”

Refinancing can be a good idea if you can cut your interest rate enough to offset the upfront closing costs. But sometimes the purpose of a refinance isn’t to reduce your mortgage rate. As home values rise, many homeowners are choosing to turn their equity into cash via 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.

Overall, now is still an excellent time to refinance as long as it make sense for your situation.

How to Ensure You Get the Lowest Refinance Rate

Your financial situation has a big effect on the refinance rate you can qualify for. Having a lower loan-to-value ratio for your home and a healthier credit score ordinarily translates into a better refinance rate.

Your personal finances aren’t the only thing that will impact your refinance rate. Your property’s equity also factors into the decision. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an affect on your refinance rate. A shorter-term refinance loan typically has lower rates than refinance loans with longer repayment terms, all else equal. 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 Much Does It Cost to Refinance?

There are a number of factors that influence the cost of refinancing, including:

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

In general, refinance closing costs are 3% to 6% of the loan balance. Your state and local regulations can influence what fees and taxes you pay. Having more equity in the home and a higher credit score will make it easier to qualify for the refinance loan, secure a lower rate, and to get lenders to compete for your business.

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