Today’s Mortgage Refinance Rates, September 9, 2021 | Rates Increase

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Today, a number of notable mortgage refinance rates ticked up.

The average rate for a 15-year fixed refinance stay the same, while 30-year fixed-rate refinances climbed. The average rate on 10-year fixed refinance mortgages moved up.

Refinancing rates are constantly shifting. However, they’re exceptionally low right now. For those looking to refinance their existing mortgage, this might be the right move to lock in a great deal on an interest rate.

The average mortgage refinance rates are as follows:

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 potentially save with a new home loan. However, refinance fees normally range from 3% to 6% of the loan balance. So be sure that whatever you’re saving in interest payments will outweigh the fees you’ll pay. And don’t forget 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.

30-Year Refi Rates

Right now, the average 30-year fixed refinance has an interest rate of 3.01%, an increase of 2 basis points from a week ago.

You can use our mortgage calculator to determine how much your mortgage will cost you every month 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 Fixed Refi Rates

For 15-year fixed refinances we’re seeing an average rate of 2.30%, unmoved 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 help you build up equity in your home much more quickly.

10-Year Fixed Refinance Rates

The average 10-year, fixed refinance rate is 2.27%, an increase of 1 basis point 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

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

Even with a moderate increase, rates could still remain favorable for borrowers. Experts see rates staying low throughout 2021, and that during the back half of 2021 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 how refinance rates have changed in the past week.

These daily refi rates are supplied by Bankrate. The information is based on homeowners that fit a certain profile, such as the loan is for a primary residence and their FICO score is 740 or higher. If your financial profile doesn’t meet or exceed the standards of Bankrate’s 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 rate3.01%2.99%+0.02
15-year fixed refinance rate2.30%2.30%N/C
10-year fixed refinance rate2.27%2.26%+0.01

Rates as of September 9, 2021.

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

Does Refinancing Still Make Sense?

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 Lowest Refinance Rate

Your personal situation has a big effect on the refinance rate you’ll be able to secure. Having a lower loan-to-value ratio for your home and a better credit score generally will get you a lower mortgage refinance rate.

But your personal financial situation isn’t the only thing that will impact the mortgage refinance rate you qualify for. Your home’s value compared to your loan balance 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 will impact your mortgage refinance rate. A loan with a shorter repayment term typically has lower interest rates than loans with longer repayment terms, all else equal. Your refinance rate is also impacted by the type of refinance you plan on taking out. A cash-out refinance loan typically has a higher interest rate than other types of refinance loans.

How Much Does It Cost to Refinance?

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.

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.

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