Current refinance rates on Oct. 8, 2021: Rates fall

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Several benchmark refinance rates declined today. Both 15-year fixed and 30-year fixed refinance saw their average rates fall. In addition, the average rate on 10-year fixed refinances has also declined. Although refinancing rates fluctuate, they have remained low over the years. Because of this, now is a great time for homeowners to lock in a decent refinance rate. But as always, be sure to consider your personal goals and circumstances before refinancing, and shop around for a lender that can best meet your needs.

30 year fixed rate refinance

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The current average interest rate for a 30-year refinance is 3.13%, a decrease of 2 basis points compared to the previous week. (One basis point equals 0.01%.) One reason to refinance a 30-year fixed loan with a shorter loan term is to reduce your monthly payments. This makes a 30-year refinance a great one for those who are having difficulty making their monthly payments or just want a little more breathing room. Be aware, however, that interest rates will typically be higher than with a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15 year fixed rate refinance

The average 15-year fixed refinance rate now stands at 2.39%, a decrease of 5 basis points from a week ago. A 15-year fixed refinance will increase your monthly payments compared to a 30-year loan. But you’ll save more money over time, because you’re paying off your loan early. 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save even more in the long run.

10 year fixed rate refinance


The current average interest rate for a 10-year refinance is 2.35%, a decrease of 3 basis points from the previous week. You’ll pay more each month with a ten-year fixed refinance than with a 30-year or 15-year refinance — but your interest rate will also be lower. A 10-year refinance can be a good deal, as paying off your home early will help you save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure you can make a higher monthly payment.

where rates are headed

We track refinancing rate trends using data collected by Bankrate, which is owned by Nerdshala’s parent company. Here is a table with average refinance rates offered by lenders across the country:

Average Refinance Interest Rates

the product Emotion Last week Change
30 years fixed referee 3.13% 3.15% -0.02
15 year fixed referee 2.39% 2.44% -0.05
10 year fixed referee 2.35% 2.38% -0.03
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Rates as of October 8, 2021.

How to Find Personalized Refinance Rates

When looking for refinancing rates, know that your specific rate may be different from the rates advertised online. Your interest rate will be affected by market conditions as well as your credit history and application.

In general, you want a high credit score, low credit utilization ratio, and a history of making frequent and timely payments to get the best interest rate. It’s always a good idea to research interest rates online, but you’ll need to connect with a mortgage professional to get your exact refinance rate. You should also take into account any fees and closing costs that may offset the potential savings of the refinance.

You should also know that in the last few months many lenders have strict requirements when it comes to approving loans. This means that if you don’t have a good credit rating, you might not be able to take advantage of lower interest rates — or qualify for a refinance — in the first place.

One way to get the best refinance rate is to consolidate your borrower application. The best way to improve your credit rating is to manage your finances, use credit responsibly, and monitor your credit regularly. Also be sure to compare offers from multiple lenders to get the best rate.

When to Consider a Mortgage Refinance

Most people refinance because market interest rates are lower than their current rates or because they want to change their loan term. It is true that interest rates have been at historic lows in the last one year. But when deciding to refinance, be sure to take factors other than market interest rates into account.

Be sure to consider your goals and financial situation, including how long you plan to live in your current home. It’s helpful to have a specific goal to refinance — such as reducing your monthly payments or adjusting the term of your loan. Also note that closing costs and other fees may require an upfront investment.

Some lenders have tightened their requirements in recent months, so if you don’t meet their standards you may not be able to get a refinance at the posted interest rates—or even That’s not even refinancing. Refinancing can be a great move if you get a good rate or can pay off your loan early – but consider carefully whether it’s the right option for you.

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