Mortgage Refinance Rate Today, November 1, 2021 | Price slide



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Today, many benchmark refinancing rates have dried up.

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 interest rates are constantly changing. However, they are exceptionally low at the moment. For those looking to refinance their existing mortgage, this may be the perfect time to get a record high rate.

The average mortgage refinancing rates are as follows:

Compare the refinancing rates for a wide range of different loans here.

What this means for owners

As refinance rates stay close to 3%, there is always an opportunity to lock in a great rate for homeowners who haven’t refinanced in the past few years. However, the refinancing fees normally range from 3% to 6% of the loan amount. So make sure that whatever you save in interest payments outweighs the fees you pay. And remember that even a “no closing cost” refinance still has fees, but instead of paying them up front, they are added to your loan.

Refi rate over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.13%, down 3 basis points from what we saw last week.

You can use our mortgage calculator to get an idea of ​​your monthly payment amount and how much interest you will pay less by making additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

Refi rates fixed over 15 years

Right now, the 15-year average fixed refinance rates are 2.44%, down 1 basis point 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 average fixed refinancing rates

The 10-year average fixed refinance rate is 2.42%, down 1 basis point 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

Currently, refinancing rates are extremely low compared to 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. 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 determine 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 overnight refi rate averages are based on a borrower profile that meets the following criteria:

  • Loan to value (LTV) or 80% or less
  • Principal residence
  • FICO score of 740 or more
  • Detached single family home

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

Prices as of November 1, 2021.

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

Does refinancing still make sense?

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 qualify for the lowest refinance rate

Your finances have a big effect on the refinancing rate you can get. Having more equity in your home and a higher credit score will usually get you a lower mortgage refinance rate.

Your situation is not the only factor that affects the refinancing rate for which you are eligible. The amount of equity you have in the property also comes into play. Having at least 20% equity in your property is ideal.

Even the mortgage itself will have an impact on your refinance rate. A loan with a shorter repayment term generally has lower refinance rates than loans with longer repayment terms, all other things being equal. Also, if you want to turn your equity into cash with cash out refinancing, you will have to pay a higher interest rate than other types of refinancing.

How much does refinancing cost?

Several factors affect the cost of refinancing, including:

  • Where is the property
  • Type of mortgage
  • Which lender you choose
  • Amount of the loan
  • Credit score
  • The equity you have in the house

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

Mortgage purchase rate


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