Refi prices today, October 8, 2021 | Price slide

We want to help you make better informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and earn us a referral commission. For more information, see How we make money.

Today, several notable refinancing rates have declined.

The 15-year and 30-year fixed rates have seen their average rates fall. And the average 10-year fixed refinancing rates have also fallen.

Refinancing interest 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 could be a great opportunity to lower your 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

As refinance rates stay close to 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 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 comes with costs – they are usually just built into your loan balance instead of being paid out of pocket.

Fixed refinancing rates over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.13%, down 2 basis points from a week ago.

You can use our mortgage calculator to get an idea of ​​what your monthly payments will be 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 2.39%, 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 help you build equity in your home much faster.

10-year refinancing rate

The 10-year average fixed refinance rate is 2.35%, down 3 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

Right now, refinance rates are extremely low compared to historical mortgage rates. Rates have hovered around 3% since April 2021, according to Freddie Mac’s weekly survey.

Even with a moderate increase, rates could still remain favorable to borrowers. Some experts predict that mortgage rates will stay low and only start seeing consistent gains in the second half of the year. The evolution of long-term refinancing rates will depend on general factors, such as inflation and our economic recovery.

How we calculate our refinancing rates

The table below shows how the refinance rates have changed over the past week.

These daily refi rates are provided by Bankrate. The information is based on homeowners who fit a certain profile, such as the loan is for a primary residence and their FICO score is 740 or higher. If your personal situation does not meet or exceed the guidelines of this survey, you will likely be eligible for higher refinance rates than those listed.

Bankrate is owned by Red Ventures, the parent company of Nextadvisor.

Prices as of October 8, 2021.

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

Should I refinance now?

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 a refinance, 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 Make Sure You Get The Best Refinance Rate

Your financial situation has a big impact on the refinancing rate for which you may be eligible. Having more equity in your home and a better credit rating will usually get you a lower refinance rate.

Your personal finances are not the only consideration that influences the mortgage refinancing rates available to you. A lower loan-to-value ratio (LTV) will help you get a lower refinance rate. So it is better to have more equity. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

Even the mortgage itself can determine your refinance rate. A short term refinance loan usually has lower rates than a longer term loan. 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.

How much does refinancing cost?

There are a handful of things to consider that influence the cost of refinancing, including:

  • Site
  • Type of mortgage
  • The lender
  • Amount of the loan
  • FICO score
  • Home equity

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


Comments are closed.