Refi Rates Today, October 13, 2021 | Rates Advance

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Today, a few closely followed mortgage refinance rates made gains.

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

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

Refinance rates currently 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. But the decision to refinance isn’t just about the rate, there are closing costs to consider as well. So be sure that whatever you’re saving in interest payments will outweigh the fees you’ll pay. And it’s important to be aware that even a “no-closing-cost” refinance still has fees, they are just typically added to your loan balance instead of being paid out of pocket.

Average 30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 3.17%, an increase of 9 basis points from a week ago.

You can use our mortgage calculator to price out your monthly mortgage payments and to understand how paying more each month will impact your mortgage. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Refi Rates

Currently, the average rate for a 15-year fixed refinance loan is 2.41%, an increase of 5 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.

10-Year Fixed Refinance Rates

The average 10-year, fixed refinance rate is 2.37%, an increase of 7 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 Refinance Rate Trends

Right now, refinance rates are extremely low compared to historical mortgage rates. Rates have been at or below 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 we calculate our refinance rates

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

These refinance interest rates are provided by Bankrate. The information is based on homeowners that fit a certain profile, such as the home is an owner occupied single family residence. If your personal situation doesn’t meet or exceed the guidelines 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%3.08%+0.09
15-year fixed refinance rate2.41%2.36%+0.05
10-year fixed refinance rate2.37%2.30%+0.07

Rates as of October 13, 2021.

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

Should I Refinance Right Now?

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 Ensure You Get the Best Refi Rate

Mortgage refinance rates are influenced by your personal finances. If you have a higher credit score and lower loan-to-value (LTV) ratios will generally earn a larger discount on their interest rate.

Your situation isn’t the only thing that will impact the interest rates you’re offered. 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.

Even the mortgage itself has an affect on what your refinance interest rate will be. A loan with a shorter repayment term generally has better 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 Much Does It Cost to Refinance?

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

  • Location
  • Type of refinance loan
  • Your lender
  • Size of loan
  • Credit score
  • Home’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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