Current mortgage refinancing rates, October 29, 2021 | Lower prices

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Today, several closely watched refinancing rates have fallen.

The 15-year and 30-year fixed rates have seen their average rates fall. The average rate for 10-year fixed-rate refinance mortgages has also declined.

Refinancing rates are constantly changing. However, they are exceptionally low at the moment. For those looking to refinance their existing mortgage, this can be a great opportunity to lower your interest rate.

Here are the 30-year, 15-year and 10-year average refinance loan rates:

Compare the refinancing rates for a wide range of different loans here.

What this means for owners

If you haven’t refinanced in the past few years, the rates are still low enough that it’s worth thinking about. However, the refinancing fees normally range from 3% to 6% of the loan amount. So make sure you save more in the long run than you pay up front. And it’s important to know that even a “no closing cost” refinance still has fees, but instead of paying them up front, they are built into your loan.

30-year refinancing rate

Currently, the 30-year average fixed refinance has an interest rate of 3.13%, down 3 basis points from the previous week.

You can use our mortgage calculator to calculate the price of your monthly mortgage payments and to understand how much you could save if you made additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

Refi rates fixed over 15 years

For fixed 15-year refinances, we see an average rate of 2.44%, a decrease of 1 basis point compared to 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 would be. However, a shorter loan term can save you thousands of dollars in interest over the life of the loan.

10-year fixed refinancing rates

The 10-year average fixed refinancing rate is 2.42%, down 1 basis point from the rate observed the previous week.

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 historical mortgage rates. The rates have been equal to or less than 3% since April 2021, depending on Freddie Mac Weekly Poll.

Even with a moderate increase, rates could still remain favorable to borrowers. Some experts predict that mortgage rates will remain low and that in the second half of 2021, rates are more likely to rise steadily. Whatever happens with long-term refinancing rates will depend on general factors, such as inflation and our economic recovery.

How are our refi rates calculated

Our refinancing rate trends are based on daily rate data from Bankrate, which is owned by the same parent company as NextAdvisor. These daily refi rate averages are based on one of the following consumer profiles:

  • At least 20% + equity
  • Principal residence
  • Credit score of 740 or higher
  • Single family Home

The information provided to Bankrate by lenders across the country is specified in the table below:

Prices as of October 29, 2021.

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

Is it still a good time to refinance?

Record refinancing rates have led to an increase in mortgage refinancing over the past year. But as interest rates rebounded from their historic lows, the number of borrowers looking to refinance began to decline.

However, even with the downturn, interest in mortgage refinancing remains higher than it was before the pandemic brought rates down. Indeed, refinancing rates hover at just over 3%, which historically remains a good deal, even if it is higher than recent lows.

As we turn our backs on record interest rates, many borrowers are still able to save with refinancing. But many experts predict that rates will continue to rise through 2021. So it’s reasonable to expect refinancing to become more expensive for borrowers as the year progresses.

How To Qualify For The Best Refinance Rate

Mortgage refinance rates vary depending on your personal financial situation. Having a healthier credit score and lower loan-to-value (LTV) ratios will generally qualify for a larger reduction in their interest rate.

But your personal financial situation is not the only factor that affects your refinance interest rate. A lower loan-to-value (LTV) ratio will help you benefit from a better refinance rate. So the more equity you have accumulated, the better. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

Even the mortgage itself will have an impact on your refinancing interest rate. A loan with a shorter repayment term usually has lower rates than a loan with longer terms. Also, if you want to turn your equity into cash with cash out refinancing, you will have to pay a higher interest rate than other types of refinancing.

Average cost of refinancing

The cost of refinancing can vary widely depending on these factors:

  • Where is the property
  • Type of mortgage
  • Which lender you choose
  • Amount of the loan
  • Credit score
  • The equity you have in the house

Typically, the refinancing closing costs are 3-6% of the loan balance. Your state and local regulations may influence the fees and taxes you pay. Having more equity in the home and a higher credit score will make it easier to qualify for the refinance loan, get a lower rate, and compete with lenders for your business.

Current mortgage rates by type of loan

Mortgage refinancing rate

Mortgage purchase interest rate


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