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Multiple important refinance rates receded today.

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

Although refinance rates are always changing, they have been lower than they’ve been in years. For those looking to secure a good rate, now is a good time to refinance a home. But as always, make sure to first think about your personal goals and circumstances before you get a refinance, and compare offers to find a lender who can best meet your needs.

30-year fixed refinance rates

The average 30-year fixed refinance rate right now is 3.12%, a decrease of 4 basis points from what we saw one week ago. (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. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15-year and 10-year refinance rates. You’ll also pay off your loan slower.

15-year fixed-rate refinance

The current average interest rate for 15-year refinances is 2.43%, a decrease of 4 basis point from what we saw the previous week.

A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. However, you’ll also be able to pay off your loan quicker, saving you money over the life of the loan. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you’ll save even more in the long run.

10-year fixed-rate refinance

The average rate for a 10-year fixed refinance loan is currently 2.40%, a decrease of 4 basis points from what we saw the previous week.

Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. 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. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

We track refinance rate trends using data 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 country:







Average refinance interest rates
Product Rate A week ago Change
30-year fixed refi 3.12% 3.16% -0.04
15-year fixed refi 2.43% 2.47% -0.04
10-year fixed refi 2.40% 2.44% -0.04

Rates as of May 6, 2021.

How to find personalized refinance rates

When looking for refinance rates, know that your specific rate may differ from those advertised online. Market conditions aren’t the only factor in interest rates; your particular application and credit history will also play a large role.

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. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. You should also take into account any fees and closing costs that might offset the potential savings of a refinance.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

One way to get the best refinance rates is to strengthen your borrower application. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. You should also shop around with multiple lenders and compare offers to make sure you’re getting 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.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It’s helpful to have a specific goal for a refinance — such as decreasing your monthly payment or adjusting the term of your loan. 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 at a lower interest rate can save you money in the long run and help you pay off your loan sooner. But a careful cost-benefit analysis is necessary to confirm that doing so makes sense.



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