Current mortgage refinancing rates, October 5, 2021 | Price slide

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Today, a few benchmark refinancing rates have fallen.

We have seen the national 15-year fixed-rate refinancing averages not change, while the 30-year fixed-rate refinancing rates have declined. The average rate for 10-year fixed-rate refinance mortgages has gone down.

Refinancing rates are constantly changing. However, they are currently very low. For those looking to refinance their existing mortgage, this may be the perfect time to get a record high rate.

Take a look at today’s refinance rates:

View mortgage refinance rates for your area here.

What this means for owners

While refinancing rates remain close to 3%, homeowners who were waiting to refinance still have a chance to get an exceptional rate. However, the refinancing fees normally range from 3% to 6% of the loan balance. So make sure that whatever you save in interest will outweigh the fees you pay. And remember, even a “no closing cost” refinance still comes with fees – they’re just added to your loan balance instead of being paid out of pocket.

30-year average fixed refinancing rates

Right now, the 30-year average fixed refinance has an interest rate of 3.07%, down 4 basis points from what we saw last week.

You can use our mortgage calculator to get an idea of ​​your monthly payments and find out how much you’ll pay less interest by making additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

Fixed refinancing rates over 15 years

For fixed 15-year refinances, we observe an average rate of 2.37%, unchanged from the previous week.

Monthly payments on a 15-year refinance loan are more difficult to fit into a monthly budget than a 30-year mortgage payment. However, a shorter loan term can help you build equity in your home much faster.

10-year average refinancing rates

The 10-year average fixed refinance rate is 2.28%, down 4 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost a lot more per month than with a 15-year term, but you’ll pay less interest in the long run.

Mortgage refinancing rate trends

Currently, refinancing rates are extremely low compared to recent history of mortgage rates. Rates have hovered around 3% since April 2021, according to Freddie Mac’s weekly survey.

Even though we have seen refinance rates climb higher, borrowers will likely still have access to favorable rates. Some experts predict that mortgage rates will stay low and only start seeing consistent gains in the second half of the year. The evolution of long-term refinancing rates will depend on general factors, such as inflation and our economic recovery.

How we calculate our refinancing rates

The table below shows where refinancing rates were heading over the past week.

These refi rates are collected by Bankrate. The information is based on consumers who match a certain profile, such as a credit score of 740+ with a loan-to-value ratio of 80% or better. You can therefore benefit from different rates if your personal situation does not correspond to the criteria of the survey.

Bankrate is owned by Red Ventures, the parent company of Nextadvisor.

Prices as of October 5, 2021.

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

Does refinancing still make sense?

The past year has historically been a great time to refinance as rates have never been so low. However, since January, mortgage rates have climbed past the 3% threshold for the first time since last summer.

Even though the days of record refinancing rates are behind us, it is still a great time for many homeowners to refinance. If you can lock in today’s rates that are just north of 3%, you get a deal near the historic low.

So there is still time to save with a refinance, but this window is closing. Many experts predict that rates will continue to rise as the economy returns to pre-pandemic levels over the next year.

How to get the best refi rate

Refinancing rates vary depending on your personal financial situation. Those with higher credit scores and lower loan-to-value ratios (LTVs) will usually be able to get a lower mortgage refinance rate.

But your personal financial situation is not the only consideration that affects your mortgage refinance rate. A lower loan-to-value (LTV) ratio can help you qualify for a better refinance rate. So it is better to have more equity. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

Even the mortgage itself has an effect on what your mortgage refinance rate will be. A loan with a shorter repayment term generally has better rates than loans with a longer repayment term, all other things being equal. Also, if you want to turn your equity into cash with cash out refinancing, you should expect to pay a higher mortgage rate for this lien.

How much does it cost to refinance?

If you refinance your mortgage, the closing costs typically range between 3% and 6% of the loan amount. For a loan of $ 300,000, this represents $ 9,000 to $ 18,000 in fees.

But, each lender will assess your personal situation differently. It is therefore important to shop around and compare offers. Everything from the location of the property to the type of loan you refinance can change what you pay to refinance.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Mortgage purchase rate


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