Mortgage refinance rates on July 15, 2021: Rates slide

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Multiple benchmark refinancing rates fell today. Both the 15-year fixed and the 30-year fixed refinancing saw their average interest rates fall. At the same time, average rates for 10-year fixed refinancing also declined. Refinancing interest rates have never been set in stone – but the rates have been the lowest in years. Therefore, now is an optimal time for homeowners to get a good refinancing rate. But as always, make sure to consider your personal goals and circumstances before getting a refinance, and compare offers to find a lender that can best meet your needs.

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30-Year Fixed Refinancing Rates

The average rate for a 30-year fixed refinancing loan is currently 3.10%, down 4 basis points from what we saw a week ago. (A basis point equals 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15- or 10-year refinance. If you are currently having trouble making your monthly payments, a 30-year refinancing may be a good option for you. In exchange for the lower monthly payments, the rates for a 30-year refinancing will typically be higher than the 15-year and 10-year refinancing rates. You also pay off your loan more slowly.

15-year fixed rate refinancing

The current average interest rate for 15-year refinancings is 2.43%, down 1 basis point from a week ago. A 15-year fixed refinancing will most likely increase your monthly payment compared to a 30-year loan. On the other hand, you save money on interest, because you pay off the loan earlier. You will 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 refinancing

The current average rate for a 10-year refinancing is 2.44%, down 3 basis points from last week. Compared to a 30 and 15 year refinance, a 10 year refinance will usually have a lower interest rate but a higher monthly payment. A 10-year refinancing can be a good deal because you can 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 the rates are going

We track trends in refinancing rates using information collected by Bankrate, which is owned by CNET’s parent company. Here is a table of the average refinancing rates provided by US lenders:

Average refinancing rate

Product Rate A week ago Change
30 years of fixed refi 3.10% 3.14% -0.04
15 years fixed refi 2.43% 2.44% -0.01
10 years fixed refi 2.44% 2.47% -0.03

Rates as of July 15, 2021.

How to find the best refinancing rate?

It is important to understand that the rates advertised online may not apply to you. While current market conditions will be a factor, your specific interest rate will depend largely on your application and credit history.

If you have a high credit score, a low credit utilization ratio, and a history of consistent and timely payments, you can generally get the best interest rates. Researching interest rates online is always a good idea, but you should contact a mortgage professional to get your exact refinancing rate. You should also consider any fees and closing costs that could offset the potential savings from a refinance.

It’s also worth noting that lenders have been stricter with their requirements in recent months. As such, you may not qualify for a refinancing — or a low interest rate — if you don’t have solid credit.

Before applying for a refinancing, make your application as strong as possible to get the best rates available. If you haven’t already, try improving your credit by checking your credit reports, using credit responsibly, and managing your finances carefully. You should also shop around with multiple lenders and compare offers to make sure you get the best rate.

When should I refinance?

Most people refinance because the market interest rate is lower than current rates or because they want to change the term of their loan. While interest rates have been low in recent months, when deciding whether a refinancing is right for you, you should look at more than just market interest rates.

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 reducing your monthly payment or adjusting the term of your loan. And don’t forget the fees and closing costs, which can add up.

Note that some lenders have tightened their requirements since the start of the pandemic. If you don’t have a solid credit score, you may not qualify for the best interest rate. Refinancing at a lower interest rate can save you money in the long run and help you pay off your loan faster. But a careful cost-benefit analysis is needed to confirm that this makes sense.

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