Current Refinance Rates, September 14, 2021 | Rates Retreat

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Today, numerous notable refinance rates receded.

Both the 15-year fixed and 30-year fixed saw their mean rates sink. The average rate on 10-year fixed refinance mortgages didn’t change.

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

Take a look at today’s refinance rates:

You can discover the right refinance rate for you here.

What this means for homeowners

With refinance rates continuing to hover around 3%, homeowners who’ve been waiting to refinance still have a chance to secure an exceptional rate. 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 added to your loan balance. So you’re paying for it one way or another.

Average 30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 2.99%, a decrease of 1 basis point from a week ago.

You can use our mortgage calculator to get an idea of what your monthly payments will be and to understand how much you could save if you made extra payments. 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 2.29%, a decrease of 1 basis point from a week ago.

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 Fixed Refinance Rates

The average 10-year, fixed refinance rate is 2.27%, unmoved 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.

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 with a moderate increase, rates could still remain favorable for borrowers. Some experts predict mortgage rates will stay low, and that toward the end of the year it’s more likely that rates will make steady gains. Whatever ends up happening with refinance rates in the long term will depend on broad factors, such as inflation and our economic recovery.

How we determine refi rates

The table below shows where refinance rates were headed in the last week.

These daily refi rates are collected by Bankrate. The information is based on homeowners that meet specific criteria, such as the home is an owner occupied single family residence. If your financial profile doesn’t meet or exceed the standards of Bankrate’s survey, then you will likely qualify for higher refinance rates than those listed.

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

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate2.99%3.00%-0.01
15-year fixed refinance rate2.29%2.30%-0.01
10-year fixed refinance rate2.27%2.27%N/C

Rates as of September 14, 2021.

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

Is Now 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 Get the Lowest Refinance Rate

Your personal situation has a big impact on the refinance rate you’ll be able to secure. Having more equity in your home and a healthier credit score generally translates into a better interest rate.

Your personal finances aren’t the only thing that will impact the mortgage refinance rate you qualify for. The amount of equity you have in the property also comes into play. Having at least 20% equity in your property is ideal.

Even the mortgage itself will impact your refinance interest rate. A loan with a shorter repayment term typically has better refinance rates than 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.

Average Cost of Refinancing

If you refinance your mortgage, closing costs typically range from 3% to 6% of the loan amount. For a $300,000 loan that’s $9,000 to $18,000 in fees.

But, each lender will assess your personal situation differently. So it’s important to shop around and compare offers. Everything from where the property is located to the type of loan you’re refinancing into can change what you’ll pay to refinance.

Mortgage Interest Rates by Loan Type

Mortgage Refi Rates

Home Loan Purchase Rates