Refi Rates Today, October 12, 2021 | Rates Move Up

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Today, a number of notable mortgage refinance rates made gains.

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

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 might 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:

Check out mortgage refinancing rates for your area here.

What this means for homeowners

As refinance rates remain near 3%, there is still an opportunity to lock in a great rate for homeowners who haven’t refinanced in the last few years. However, the fees to refinance 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 don’t forget that even a “no-closing-cost” refinance still has fees, but instead of paying them upfront, they’re added to your loan.

30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 3.17%, an increase of 10 basis points over the previous week.

You can use our mortgage calculator to price out your monthly mortgage payments and find out how much less interest you’ll pay by making additional payments. 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 2.41%, an increase of 4 basis points 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.

Average 10-Year Refinance Rates

The average 10-year, fixed refinance rate is 2.37%, an increase of 9 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

Right now, refinance rates are extremely low compared to recent mortgage rate history. Rates have been hovering around 3% since April 2021, according to Freddie Mac’s weekly survey.

Even if we saw refinance rates climb higher, borrowers are likely to still have access to advantageous rates. 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.

How our refinance rates are calculated

The table below shows how refinance rates have changed in the past week.

These refi rates are provided by Bankrate. The information is based on customers that meet specific criteria, such as the home is an owner occupied single family residence. If your personal situation doesn’t meet or exceed the standards of this survey, then it’s likely you’ll end up with a refi rate higher than what’s listed..

Bankrate is owned by Red Ventures, Nextadvisor’s parent company.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate3.17%3.07%+0.10
15-year fixed refinance rate2.41%2.37%+0.04
10-year fixed refinance rate2.37%2.28%+0.09

Rates as of October 12, 2021.

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

Is It Still a Good Time to Refinance?

Record low refinance rates drove a surge in mortgage refinancing over the past year. But as interest rates have rebounded from all-time lows, the number of borrowers looking to refinance has begun to shrink.

However, even with the downturn, the interest in mortgage refinancing remains stronger than it was before the pandemic drove rates into the ground. This is because refinance rates are hovering at just over 3%, which is still a historically good deal, even if it’s higher than the recent lows.

So as we turn our backs on record-low interest rates, many borrowers are still able to save with a refinance. But many experts forecast that rates will continue to trend upward throughout 2021. So it’s reasonable to expect refinancing to get more expensive for borrowers as the year progresses.

How to Qualify for the Best Refi Rate

Refinance rates vary depending on your personal financial situation. Having a healthier credit score and lower loan-to-value (LTV) ratios will generally qualify for a larger markdown on their interest rate.

Your personal finances aren’t the only consideration that affects your refinance interest rate. The amount of equity you have in the home also comes into play. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

The type of mortgage loan can determine what your refinance rate will be. A loan with a shorter repayment term typically has lower interest rates than refinance loans with longer repayment terms, all else equal. Your interest rate is also affected by the type of refinance you plan on taking out. Cash-out mortgage refinance loans typically have higher interest rates than other 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
  • What lender you choose
  • Loan balance
  • Credit score
  • The property’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 Refinance Rates

Home Loan Interest Rates