We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Today, numerous benchmark refinance rates slumped.
Both the 15-year fixed and 30-year fixed saw their average rates recede. The average rate on 10-year fixed refinance mortgages also sank.
Mortgage refinance rates are constantly changing. However, they’re presently low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this can be the perfect time to secure a record-low rate.
Refinance rates currently are:
You can discover the right refinance rate for you here.
What These Refinance Rate Changes Mean 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 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 rolled into your loan.
30-Year Refinance Rates
Right now, the average 30-year fixed refinance has an interest rate of 3.13%, a decrease of 3 basis points over the previous week.
You can use our mortgage calculator to get an idea of what your monthly payments will be 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 Refinance Rates
Currently, the average rate for a 15-year fixed refinance loan is 2.44%, a decrease of 1 basis point from what we saw last week.
Monthly payments on a 15-year refinance loan are tougher to fit into a monthly budget than a 30-year mortgage payment would be. 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 2.42%, a decrease of 1 basis points from what we saw last week.
Monthly payments with a 10-year refinance term would cost a lot more per month than you would with a 15-year term, but you’ll pay less interest in the long term.
Refi Rate Trends
Mortgage and refi rates are near their best point in history. However, these …….