Current refinancing rates, August 6, 2021 | Price slide



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Today, many benchmark refinancing rates have gone down.

Both the 15-year fixed and the 30-year fixed have seen their average rates fall. And average rates for 10-year fixed refinances have also fallen.

Refinancing rates are constantly changing. However, they’re still close to troughs we’ve never seen before. For those looking to refinance their existing mortgage, it may be the right thing to do to get a good deal on an interest rate.

Take a look at today’s refinance rates:

You can find the refinancing rate that’s right for you here.

What this means for owners

If you haven’t refinanced in the past few years, rates are still historically low, so it’s worth thinking about. But the decision to refinance isn’t just about the rate, there are also closing costs to consider. So make sure you plan to stay in your home long enough that the interest savings outweigh the costs. And remember, even if you don’t pay anything out of pocket, the refinancing closing costs are usually added to your loan balance. So you pay it one way or another.

30-year average fixed refinancing rates

Currently, the 30-year average fixed refinance has an interest rate of 2.94%, down 6 basis points from the previous week.

You can use our mortgage calculator to figure out how much your mortgage will cost you each month and to understand how paying more each month will impact your mortgage. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year average refinancing rates

Right now, the 15-year average fixed refinance rates are 2.24%, down 5 basis points from what we saw last week.

The monthly payments on a 15-year refinance loan can be much higher than what you would get on a 30-year mortgage. However, a shorter loan term can save you thousands of dollars in interest over the life of the loan.

Refi rates fixed over 10 years

The 10-year average fixed refinance rate is 2.27%, 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

The days of historically low mortgage rates may be over. In early March, mortgage rates exceeded 3% for the first time since July, according to Freddie Mac Weekly Poll.

But rates should still remain favorable to borrowers throughout this year. Some experts predict that mortgage rates will stay low and that towards the end of the year, rates are more likely to rise steadily. The evolution of long-term refinancing rates will depend on general factors, such as inflation and our economic recovery.

We determine refinancing rate trends using data aggregated by Bankrate, which is owned by the same parent company as NextAdvisor. Lenders across the country provide information to Bankrate, which is provided in the table below:

Prices as of August 6, 2021.

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

Is it still a good time to refinance?

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 and crossed 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 refinancing, 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 qualify for the best refi rate

Refinancing rates are influenced by your personal finances. Having a healthier credit score and lower loan-to-value ratios (LTVs) will usually get a bigger discount on their refinance rate.

But your personal financial situation is not the only consideration that influences the mortgage refinancing rate for which you qualify. A better loan-to-value ratio (LTV) can help you qualify for a lower refinance rate. So it is better to have more equity. Having at least 20% equity in your property is ideal.

Even the mortgage itself can determine your mortgage refinance rate. A shorter term refinance loan generally has better refinance rates than refinancing loans with longer repayment terms, all other things being equal. Additionally, if you want to withdraw money from your home with withdrawal refinance, you should expect to pay a higher mortgage rate for this lien.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Mortgage purchase rate



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