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Mortgage Refinance Rate Today, July 12, 2021 | Lower prices

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Today, a few notable refinancing rates have fallen.

The average 15-year fixed-rate refinance rate has increased, while the 30-year fixed-rate refinance rate has fallen. The average rate for 10-year fixed-rate refinance mortgages has fallen.

Mortgage refinancing rates are constantly changing. However, they’re still close to troughs we’ve never seen before. For those looking to refinance their existing mortgage, this could be a great opportunity to lower your interest rate.

The refinancing rates are currently:

Take a look at the local refinance rates.

Fixed refinancing rates over 30 years

Right now, the 30-year average fixed refinance has an interest rate of 3.10%, down 4 basis points from last week.

You can use our mortgage calculator to figure out how much your mortgage will cost you each month and to understand how paying more each month will impact your mortgage. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year fixed-rate refinancing rate

Currently, the average rate for a 15-year fixed refinance loan is 2.47%, an increase of 2 basis points from what we saw last week.

Monthly payments on a 15-year refinance loan are more difficult to fit into a monthly budget than a 30-year mortgage payment would be. However, a shorter loan term can save you thousands of dollars in interest over the life of the loan.

10-year fixed-rate refinancing rate

The 10-year average fixed refinance rate is 2.36%, down 11 basis points from what we saw last week.

Monthly payments with a 10-year refinance term would cost a lot more per month than with a 15-year term, but you’ll pay less interest in the long run.

Mortgage refinancing rate trends

The days of record mortgage rates may be over. In recent weeks, mortgage rates have surpassed 3% for the first time since July, according to Freddie Mac’s weekly survey.

But rates should still remain favorable to borrowers throughout this year. Experts believe rates will remain low throughout 2021, and much later this year rates are more likely to rise steadily. Whatever happens with long-term refinancing rates will depend on general factors, such as inflation and our economic recovery.

The table below shows where refinancing rates were heading over the past week. This information is provided by Bankrate, which compiles data collected from lenders across the country. Bankrate is owned by Nextadvisor’s parent company, Red Ventures.

Prices as of July 12, 2021.

Take a look at the mortgage refinance rates for a number of different loans.

Is it still a good time to refinance?

The past year has historically been a great time to refinance as rates have never been so low. However, since January, mortgage rates have climbed and crossed the 3% threshold for the first time since last summer.

Even though the days of record refinancing rates are behind us, it is still a great time to refinance for many homeowners. If you can lock in today’s rates that are just north of 3%, you get a deal near the historic low.

So there is still time to save with a refinance, but this window is closing. Many experts predict that rates will continue to rise as the economy returns to pre-pandemic levels over the next year.

How to qualify for the lowest refinance rate

Your finances have a big impact on the refinancing rate you can qualify for. Less debt and a healthier credit rating generally translates into a lower refinance rate.

Your personal finances are not the only consideration that influences the mortgage refinancing rate for which you qualify. A better loan to value ratio (LTV) can help you get a lower refinance rate. So it is better to have more equity. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

The type of mortgage loan will affect the refinancing rate for your mortgage. A loan with a shorter repayment term generally has better refinance rates than a loan with a longer term. Your interest rate is also influenced by the type of mortgage refinance you plan to take out. Withdrawal mortgage refinance loans have higher refinance interest rates because they are considered to be riskier.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Home buying rates