Refi prices today, July 20, 2021 | Lower prices



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 closely watched 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 refinance mortgages has also declined.

Refinancing rates are constantly changing. However, they are exceptionally low at the moment. For those looking to refinance their existing mortgage, this could be a great opportunity to lower your interest rate.

The refinancing rates are currently:

Compare the refinancing rates for a wide range of different loans 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 get an exceptional rate. But the decision to refinance isn’t just about the rate, there are also closing costs to consider. 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.

Fixed refinancing rates over 30 years

Currently, the 30-year average fixed refinance has an interest rate of 2.99%, down 12 basis points from the previous week.

You can use our mortgage calculator to calculate the price of your monthly mortgage payments and find out how much you will pay less interest by making additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year average fixed refinancing rates

For fixed 15-year refinances, we see an average rate of 2.32%, down 10 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 save you thousands of dollars in interest over the life of the loan.

10-year refinancing rate

The 10-year average fixed refinance rate is 2.34%, down 11 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

The days of record mortgage rates may be over. In early March, mortgage rates exceeded 3% for the first time since July, according to Freddie Mac Weekly Poll.

But rates should still remain favorable to borrowers throughout this year. 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.

We determine refinancing rate trends using data aggregated by Bankrate, which is owned by the same parent company as NextAdvisor. Lenders across the country provide information to Bankrate, which is provided in the table below:

Prices as of July 20, 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 refinancing, 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 qualify for. Having more equity in your home and a healthier credit rating usually results in a lower interest rate.

But your personal financial situation is not the only factor that affects your mortgage refinance rate. A lower loan-to-value (LTV) ratio can help you get a lower refinance rate. So the more equity you have accumulated, the better. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an effect on your refinance rate. A short term refinance loan usually has lower rates than a longer term loan. Your refinance interest rate is also affected by the type of refinance you plan to take out. A refinance loan with withdrawal generally has a higher interest rate than other types of mortgage refinancing.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Home buying rates



About Author

Leave A Reply