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Refinance rates on June 10, 2021: Rates slide


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Martina Albertazzi/Getty

Multiple important refinance rates receded today. Both 15-year fixed and 30-year fixed refinances saw their mean rates recede. At the same time, average rates for 10-year fixed refinances also trailed off. Although refinance rates are always moving, they have been quite low recently. Because of this, right now is a good time for homeowners to get a good refinance rate. Before refinancing, remember to take into account your personal needs and financial situation, and compare offers from various lenders to find the right one for you.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.14%, a decrease of 2 basis points over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance. 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 2.40%, a decrease of 2 basis points compared to one week ago. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. 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 2.40%, a decrease of 3 basis points from what we saw the previous 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. However, you should analyze your budget and current financial situation to make sure you’ll be able to afford the higher monthly payment.

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 supplied by lenders nationwide:

Average refinance interest rates

Product Rate A week ago Change
30-year fixed refi 3.14% 3.16% -0.02
15-year fixed refi 2.40% 2.42% -0.02
10-year fixed refi 2.40% 2.43% -0.03

Rates as of June 10, 2021.

How to find personalized refinance rates

It’s important to understand that the rates advertised online may not apply to you. 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. 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 with who they approve for a loan. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

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. Don’t forget to speak with multiple lenders and shop around to find the best rate.

Is now a good time to refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their 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.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner — or for a…



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