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Current refinance rates on April 29, 2021: Rates advance



David Paul Morris/Getty

Several closely followed mortgage refinance rates made gains today.

Both 15-year fixed and 30-year fixed refinances saw their mean rates rise. In addition, the average rate on 10-year fixed refinance also moved up.

Refinance interest rates are never set in stone — but rates have been the lowest they’ve been in years. Because of this, right now is an excellent time for homeowners to lock in a good refinance rate. Before getting a refinance, remember to consider your personal needs and financial situation, and shop around for multiple lenders to find the right one for you.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.16%, an increase of 2 basis points over this time last week. (A basis point is equivalent to 0.01%.)

One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. Because of this, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15-year fixed-rate refinance

For 15-year fixed refinances, the average rate is currently at 2.47%, an increase of 4 basis points compared to one week ago.

Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. But you’ll save more money over time, because you’re paying off your loan quicker. You’ll also typically get lower interest rates compared to a 30-year loan. This can 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 2.44%, an increase of 3 basis points over last week.

A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can be a good deal, since paying off your house sooner 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 that you can afford a higher monthly payment.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates reported by lenders across the US:





Average refinance interest rates
Product Rate A week ago Change
30-year fixed refi 3.16% 3.14% +0.02
15-year fixed refi 2.47% 2.43% +0.04
10-year fixed refi 2.44% 2.41% +0.03

Rates as of April 29, 2021.

How to find personalized refinance rates

When searching for refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’re offered. Your interest rate will be influenced by market conditions as well as your credit history and application.

Having a high credit score, low credit utilization ratio, and a history of consistent and on-time payments will generally help you get the best interest rates. To get your personalized refinance rates, you’ll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. And don’t forget about fees and closing costs which may cost a hefty amount upfront.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. As such, you may not qualify for a refinance — or a low rate — if you don’t have a solid credit rating.

To get the best refinance rates, you’ll first want to make your application as strong as possible. You can do that by monitoring your credit, taking on debt responsibly, and getting your finances in order before applying for a refinance. Also be sure to compare offer from multiple lenders in order to get the best rate.

When to consider a mortgage refinance

Generally, it’s a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It’s true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

To decide whether a refinance is right for you, consider all of the factors including how long you plan to stay in your current home, the length of your loan term and the amount of your monthly payment. And don’t forget about fees and closing costs, which can add up.

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



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