Mortgage Refinance Rate Today, October 6, 2021 | Retreat rates


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Today, several notable refinancing rates have declined.

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 currently low, potentially making them a good deal for borrowers. For those looking to refinance their existing mortgage, this might be the right decision to lock in a lot on an interest rate.

Take a look at today’s refinance rates:

Find mortgage refinancing rates in your area here.

What this means for owners

With refinancing rates continuing to hover around 3%, homeowners who were waiting to refinance still have a chance to potentially save with a new home loan. However, the refinancing fees normally range from 3% to 6% of the loan amount. So make sure that whatever you save in interest will outweigh the fees you pay. 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.

Refi rate over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.08%, down 4 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 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 refi rate

Currently, the 15-year average fixed refinance rates are 2.36%, down 1 basis point from a week ago.

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.

10-year average fixed refinancing rates

The 10-year average fixed refinance rate is 2.30%, down 2 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost even more than what you would pay with a 15-year loan. The advantage is that you will end up paying even less interest over the life of the loan.

Mortgage refinancing rate trends

Currently, refinancing rates are extremely low compared to the recent history of mortgage rates. Rates have been equal to or less than 3% since April 2021, depending on Freddie Mac Weekly Poll.

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. Whatever happens with long-term refinance rates will depend on general factors, such as inflation and our economic recovery.

How we calculate our refi rates

Our refi 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 a consumer profile that meets the following criteria:

  • At least 20% + equity
  • Principal residence
  • FICO Score 740+
  • Single family Home

The information provided to Bankrate by lenders nationwide is provided in the table below:

Prices as of October 6, 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 get the lowest refinance rate

Your personal situation has a big impact on the refinancing rate you can claim. Having a lower loan-to-value ratio for your home and a better credit rating usually results in a better mortgage refinance rate.

Your situation is not the only consideration that affects the refinancing interest rate for which you are eligible. 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 affects the refinancing rate for your mortgage. A shorter term refinance loan generally has better rates than refinance loans with longer repayment terms, all other things being equal. The type of refinance loan you need makes a difference in the refinancing rate. Withdrawal refinance loans generally have higher refinance rates than other loans.

How much does it cost to refinance?

Several factors affect the cost of refinancing, including:

  • Where is the property
  • Mortgage type
  • Which lender you choose
  • Loan balance
  • FICO score
  • The equity in the property

Typically, the refinancing closing costs are 3-6% of the loan balance. The type of loan you refinance can impact its cost in a number of ways. Some government-backed refinance loans, such as the FHA Streamline or the VA Interest Rate Reduction Refinance Loan (IRRRL) may not require appraisal, but may come with high upfront fees to cover mortgage insurance. On the other hand, if you have enough equity, you could refinance into a conventional loan to eventually get rid of the mortgage insurance requirement.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Home buying rates


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