Mortgage Refinance Rate Today, October 1, 2021 | Price increase



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Today, several notable mortgage refinancing rates have gone up.

Both the 15-year fixed and the 30-year fixed have seen their average rates increase. The average rate for 10-year fixed-rate refinance mortgages also increased slightly.

Refinancing interest rates are constantly changing. However, rates have been hovering near their historic lows for some time. For those looking to refinance their existing mortgage, this may be the perfect time to get a record high rate.

Take a look at today’s refinance rates:

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

What this means for owners

With refinance rates continuing to hover around 3%, there is still an opportunity to lock in a great rate for homeowners who haven’t refinanced in the past few years. 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 comes with fees – they’re just added to your loan balance instead of being paid out of pocket.

Fixed refi rate over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.15%, an increase of 14 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 refinancing rate

For fixed 15-year refinances, we see an average rate of 2.44%, an increase of 16 basis points compared to the previous 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 save you thousands of dollars in interest over the life of the loan.

10-year average fixed refinancing rates

The average 10-year fixed refinancing rate is 2.38%, an increase of 13 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.

Trends in refinancing rates

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 Weekly Poll.

Even with a moderate increase, rates could still remain favorable to borrowers. Some experts predict that mortgage rates will stay low and that much later this year 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 calculate our refinancing rates

Our refinancing rate trends are based on daily rate data from Bankrate, which is owned by the same parent company as NextAdvisor. These overnight refinancing interest rate averages are based on a consumer profile that meets the following criteria:

  • Loan to value (LTV) or 80% or less
  • Principal residence
  • 740+ credit score
  • Single family Home

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

Prices as of October 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 get the lowest refi rate

Refinancing rates are influenced by your personal finances. Having a healthier credit rating and lower loan-to-value (LTV) ratios will generally qualify for a larger reduction in their refinance rate.

Your personal finances are not the only factor that influences the refinancing rates offered to you. Equity in the home also comes into play. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

The type of mortgage loan can determine what your interest rate will be. A loan with a shorter repayment term generally has lower refinance rates than mortgage refinancing loans with longer repayment terms, all other things being equal. Your refinance rate is also influenced by the type of mortgage refinance you plan to purchase. Withdrawal refinance loans generally have higher mortgage refinance rates than other loans.

Average cost of refinancing

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

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

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.

Current mortgage rates by type of loan

Mortgage refinancing rate

Mortgage interest rates


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