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Mortgage Refinance Rate Today, June 21, 2021 | The rates are checked above


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Today, multiple benchmark mortgage refinance rates have gone up.

Fixed 15-year and 30-year fixed refinances have seen their average rates increase. The average rate for 10-year fixed-rate refinance mortgages has also increased.

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

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

Find mortgage refinancing rates in your area here.

Fixed refinancing rates over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.23%, an increase of 8 basis points from what we saw last week.

You can use our mortgage calculator to figure out how much your mortgage will cost you each month and find out how much less interest you will pay by making additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year fixed-rate refinancing rate

Right now, the 15-year average fixed refinance rates are 2.49%, an increase of 9 basis points from what we saw last 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-rate refinancing rate

The average 10-year fixed refinancing rate is 2.49%, an increase of 9 basis points 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

The days of historically low mortgage rates seem to 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. Experts believe that rates will remain low throughout 2021, and that much later this year, rates are more likely to rise steadily. Whatever happens with long-term refinance rates in the end will depend on general factors, such as inflation and our economic recovery.

The table below shows where refinancing rates were heading over the past week. This information is provided by Bankrate, which aggregates data collected from lenders nationwide. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Prices as of June 21, 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 a sharp 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 money by 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 lowest refinance rate

Your finances have a big impact on the refinancing rate you can qualify for. Less debt and a higher credit rating will usually get you a better interest rate.

But your personal financial situation is not the only factor that influences the refinancing interest rates that are offered to you. The value of your property relative to your loan balance is also a factor in the decision. Having at least 20% equity in your property is ideal.

The type of mortgage loan can determine what your interest rate will be. A shorter term refinance loan generally has better interest rates than loans with longer repayment terms, all other things being equal. Also, if you want to withdraw money from your home with withdrawal refinance, you will be charged a higher interest rate compared to other types of refinancing.

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