Today, several benchmark mortgage refinance rates made gains.
Both the 15-year fixed and 30-year fixed saw their average rates increase. The average rate on 10-year fixed refinance mortgages also moved up.
Mortgage refinance rates are constantly changing. 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:
Compare refinance rates for a wide range of different loans here.
What this means for homeowners
With refinance rates continuing to hover around 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 will outweigh the fees you’ll pay. 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 Refinance Rates
Right now, the average 30-year fixed refinance has an interest rate of 3.04%, an increase of 10 basis points over the previous week.
You can use our mortgage calculator to determine how much your mortgage will cost you every month 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 Fixed Refinance Rates
Right now, average 15-year fixed refinance rates are 2.33%, an increase of 8 basis points from what we saw last week.
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 help you build up equity in your home much more quickly.
Average 10-Year Refinance Rates
The average 10-year, fixed refinance rate is 2.33%, an increase of 5 basis points from the rate observed over the previous 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 Refi Rate Trends
The days of record-low mortgage rates could be over. In early March, mortgage rates inched above 3% for the first time since July, according to Freddie Mac’s weekly survey.
But rates should still remain favorable for borrowers throughout this year. Some experts predict mortgage rates will stay low, 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.
The table below shows refinance rates trends from the past week. This information is provided by Bankrate, which aggregates data collected from lenders across the country. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.
Rates as of August 10, 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 Lowest Refi Rate
Mortgage refinance rates are influenced by your personal finances. Those with higher credit scores and lower loan-to-value (LTV) ratios will generally be able to obtain lower refinance rates.
Your situation isn’t the only factor that impacts the refinance interest rates you’re offered. Your home’s value compared to your loan balance also factors into the decision. Having at least 20% equity in your property is ideal.
The type of mortgage loan will impact your mortgage refinance rate. A loan with a shorter repayment term generally has better refinance rates than refinance loans with longer repayment terms, all else equal. The type of refinance loan you need makes a difference in the refinance rate. Cash-out refinance loans typically have higher interest rates than other loans.
Current Mortgage Rates by Loan Type
Mortgage Refinance Rates
Home Loan Purchase Interest Rates
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August 10, 2021 at 06:45PM
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