Current mortgage refinancing rates, December 20, 2021 | Rates Check below


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Today, several notable refinancing rates have declined.

Both 15-year and 30-year fixed rates have seen their average rates fall. And the average 10-year fixed refinancing rates have also fallen.

Refinancing interest rates are constantly changing. However, they are exceptionally low at the moment. For those looking to refinance their existing mortgage, this may be the perfect time to get a record high rate.

The refinancing rates are currently:

Compare the refinancing rates for a wide variety of different loans here.

Where are the refinancing rates going in 2021?

Refinance and mortgage rates could see highs and lows along the way. Overall, however, refinancing interest rates are expected to continue to rise until 2022. Higher inflation, which persists longer than expected, and a strong economy are two factors behind this increase. expected rates. This offsets the uncertainty surrounding the COVID-19 Omicron variant and the potential for other COVID-19 variants to impact the economy. The upward trend in rates is likely to continue, but the weekly or daily movement in rates is unlikely to be consistent.

How the refinancing rate forecast affects you

Borrowers are expected to remain extremely well served by low refinance rates despite gradual increases, as today’s rates are still low. historically low. Now is a good time to refinance if you haven’t in the past couple of years. Generally, refinancing can save you money if you can reduce your interest rate by at least 1%.

As home prices have skyrocketed, the option of turning your home equity into cash has become an option. In many situations, refinancing with cash can make sense, especially when consolidating debt or renovating your home.

Depending on your personal financial situation, refinancing may or may not make financial sense. Over the long term, rates will likely continue to rise, so it’s worth comparing rates now with a few lenders to see if you can save.

Watch out for refinancing fees

For a new mortgage, you will have to pay an upfront fee totaling 3% to 6% of the loan amount. This is a significant expense that must be taken into account when refinancing. If you refinance too frequently or sell your home soon after refinancing, your monthly savings may not have exceeded the upfront costs.

30-year refinancing rate

Right now, the 30-year average fixed refinance has an interest rate of 3.21%, down 3 basis points from what we saw last week.

You can use our mortgage calculator to figure out how much your mortgage will cost you each month and find out how much less interest you’ll pay by making additional payments. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year refi rate

For fixed 15-year refinances, we see an average rate of 2.49%, a decrease of 2 basis points compared to last week.

The monthly payments for a 15-year refinance loan will be larger than for a 30-year refinance at the same rate. However, a shorter loan term can save you thousands of dollars in interest over the life of the loan.

Average refinancing rates over 10 years

The 10-year average fixed refinancing rate is 2.49%, down 1 basis point from the rate observed the previous 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.

How we determine refi rates

The table below shows the refinancing rate trends for the past week.

These refi rates are provided by Bankrate. The information is based on homeowners who meet specific criteria, such as the loan is for a primary residence and their FICO score is 740 or higher. You can therefore benefit from different rates if your personal situation does not correspond to the criteria of the survey.

Bankrate is owned by Red Ventures, the parent company of Nextadvisor.

Prices as of December 20, 2021.

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

Frequently asked questions about the refinancing rate (FAQ):

Should I refinance now?

While refinancing rates are higher than recent record lows, they are still exceptionally low. If you haven’t refinanced in the past few years and want to lower your mortgage payments, now is the time to do it.

When deciding whether to refinance, interest rates aren’t the only factor to consider. The number of years you have left on your current mortgage and your new repayment term will also influence your decision. Depending on the length of your current mortgage, you may not want a 30 year refinance loan. Keep in mind that your monthly payment will be higher with a short term refinance than with a longer term loan.

It’s not just the interest rate that goes into the decision to refinance, so be sure to take everything into consideration.

How to get the lowest refinance rate

Your personal circumstances have a big effect on the refinancing rate you get. Having more equity in your home and a healthier credit rating usually translates into a better refinance rate.

But your personal financial situation is not the only factor that influences the interest rate for which you are eligible. The value of your home relative to your loan balance is also a factor in the decision. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an effect on your refinance rate. A loan with a shorter repayment term usually has lower interest rates than a longer term loan. Your mortgage refinance rate is also affected by the type of mortgage refinance you plan to purchase. Refinance Withdrawal Loans generally have higher interest rates than other loans.

What is the average cost of refinancing?

Refinancing a mortgage loan usually involves paying closing costs of 3% to 6% of the loan amount. For example, if you have a mortgage loan of $ 300,000, you can expect to pay between $ 9,000 and $ 18,000 in closing costs.

But, each lender will assess your personal situation differently. It is therefore important to shop around and compare offers. Everything from the location of the property to the type of loan you refinance with can change what you pay to refinance.


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