Mortgage Refinance Rate Today, September 20, 2021 | Lower prices


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Today, several benchmark 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 refinancing mortgages has remained stable.

Refinancing interest rates are constantly fluctuating. However, rates have been hovering near their historic lows for some time. 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.

Here are the 30-year, 15-year and 10-year average refinance loan 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, the rates are still low enough that 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 save more in the long run than you pay up front. And remember, even a “no closing cost” refinance still has fees, but instead of paying them up front, they are built into your loan.

30-year average refinancing rates

Currently, the 30-year average fixed refinance has an interest rate of 2.97%, down 2 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.

15-year refinancing rate

Right now, the 15-year average fixed refinance rates are 2.27%, down 2 basis points from what we saw last week.

The monthly payments for a 15-year refinance loan will be larger than for a 30-year refinance at the same rate. However, a shorter loan term can help you build equity in your home much faster.

10-year refi rate

The 10-year average fixed refinance rate is 2.26%, unchanged from what we saw last 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 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. Experts believe that rates will remain low throughout 2021, and that in the second half of 2021, 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.

How we determine the refinancing rates

Our daily refi rates are based on daily rate data from Bankrate, which is owned by the same parent company as NextAdvisor. These daily average refi interest rates are based on one of the following borrower profiles:

  • 80% LTV or less
  • Principal residence
  • FICO score of 740 or more
  • Single family Home

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

Prices as of September 20, 2021.

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

Should I refinance now?

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. In fact, 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 make sure you get the best refi rate

Your financial situation has a big effect on the refinancing rate you get. Having more equity in your home and a better credit rating will usually get you a better interest rate.

Your personal finances are not the only consideration that affects the refinancing rates offered to you. The value of your property relative to your loan balance is also a factor in the decision. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

Even the mortgage itself affects your interest rate. A loan with a shorter repayment term generally has better interest rates than a longer term loan. The type of refinance you need makes a difference in the mortgage refinance rate. Withdrawal mortgage refinance loans generally have higher refinance rates than other loans.

What is the average cost of refinancing?

What you will pay to refinance your mortgage can vary widely depending on these factors:

  • Where is the property
  • Mortgage type
  • Which lender you choose
  • Loan balance
  • 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.

Mortgage rates by type of loan

Mortgage refinancing rate

Mortgage purchase interest rate


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