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Refi prices on June 30, 2021: Reduced prices

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The main refinancing rates have gone down today. The average 10-year, 15-year and 30-year fixed refinancing rates have all declined slightly. Although mortgage refinancing rates fluctuate, they are currently at historic lows. If you are considering refinancing your home, now might be the time to get a good rate. Before applying for a home refinance loan, be sure to review your finances and shop around for the refinance mortgage loan that is right for you.

Fixed refinancing rates over 30 years

For fixed 30-year refinances, the average rate is currently 3.20%, down 5 basis points from this period last week. (One basis point equals 0.01%.) A 30-year fixed refinance will generally have lower monthly payments than a 15- or 10-year refinance. This makes 30-year refinances good for people who are having trouble making their monthly payments or just want a little more leeway. However, the interest rates for a 30 year refinance will generally be higher than the rates for a 15 or 10 year refinance. It will also take you longer to pay off your loan.

Refinancing at a fixed rate over 15 years

The 15-year average fixed refinance rate is currently 2.50%, down 4 basis points from a week ago. Refinancing a 15-year fixed loan from a 30-year fixed loan will likely increase your monthly payment. But you will save more money over time because you pay off your loan faster. 15-year refinance rates are generally lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed rate refinancing

The 10-year average fixed refinance rate is currently 2.51%, down 7 basis points from last week. A 10-year refinance will generally have the highest monthly payment of all the refinancing terms, but the lowest interest rate. 10-year refinancing can help you pay off your home much faster and save on interest. However, you should analyze your budget and current financial situation to make sure that you will be able to afford the highest monthly payment.

Where are the rates going

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

Average refinancing interest rates

Product Rate Last week Switch
30-year fixed refi 3.20% 3.25% -0.05
15-year fixed refi 2.50% 2.54% -0.04
Refi fixed 10 years 2.51% 2.58% -0.07

Prices as of June 30, 2021.

How to find the best refinance rate

When researching refinance rates online, it is important to remember that your specific financial situation will influence the rate you are offered. Your interest rate will be influenced by market conditions as well as your credit history and demand.

Typically, you’ll need a high credit score, low credit usage rate, and a consistent, on-time payment history in order to get the best rates. Researching interest rates online is always a good idea, but you will need to connect with a mortgage professional to get your exact refinance rate. You should also consider the costs and closing costs that could offset the potential savings of a refinance.

Since the start of the pandemic, many lenders have been more stringent with whom they approve a loan. As such, you might not be eligible for refinancing – or a low rate – if you don’t have a strong credit rating.

Before you apply for refinancing, you need to make your application as strong as possible in order to get the best rates available. If you haven’t already, try improving your credit by monitoring your credit reports, using credit responsibly, and managing your finances carefully. Remember to speak with several lenders and shop around for the best rate.

Is Now a Good Time to Refinance?

For refinancing to make sense, you will generally want to get an interest rate lower than your current rate. Besides interest rates, changing the term of your loan is another reason to refinance. Although interest rates have been low over the past few months, you should look more than market interest rates to decide if refinancing is right for you.

Refinancing may not always make financial sense. Consider your personal goals and your financial situation. How long do you plan to stay at home? Are you refinancing to lower your monthly payments, pay off your home sooner, or for a combination of reasons? Also, keep in mind that closing costs and other costs may require an initial investment.

Note that some lenders have tightened their requirements since the start of the pandemic. If you don’t have a strong credit score, you might not qualify for the best rate. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great initiative. But carefully weigh the pros and cons to make sure it’s right for your situation.


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