Mortgage Refinance Rate Today, December 27, 2021 | Price slide


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Today, many closely watched refinancing rates have gone down.

The 15-year and 30-year fixed rates have seen their average rates fall. The average rate for 10-year fixed-rate refinance mortgages has also fallen.

Refinancing rates are constantly changing. However, they are currently low, potentially making them a good deal for borrowers. For those looking to refinance their existing mortgage, it may be the right decision to lock in a lot on an interest rate.

The refinancing rates are currently:

Check out mortgage refinance rates for your area here.

Where are the refinancing rates going in 2021?

For 2022, many experts believe we’ll see refinancing rates and mortgages
increase by the end of the year. Due to the unwinding of the Fed’s bond market support during the pandemic era, interest rates could rise. A strong economy and high inflation also contribute to higher rates. The Omicron variant, or other variants, may slow the rise in mortgage rates. The threat of new strains of coronavirus, however, is not expected to cause rates to drop in the long run.

What the refinancing rate trends mean to 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. For those who haven’t refinanced recently, you might want to consider it. Generally, refinancing can save you money if you can reduce your interest rate by at least 1%.

With home values ​​increasing rapidly, withdrawal refinances have become increasingly popular this year. In many situations, refinancing with cash can make sense, especially when consolidating debt or renovating your home.

Homeowners who are reluctant to refinance will want to consider whether or not this is right for their situation. 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.

Refinance closing costs

When you choose to refinance your existing home loan, you will usually have to pay an upfront fee called closing costs. Closing costs range from 3% to 6% of your loan amount, so they can add up quickly. Refinancing can lower your monthly payment, just make sure you plan to hold on to the loan long enough that the current savings exceed the repayable charges.

Fixed refinancing rates over 30 years

Currently, the 30-year average fixed refinance has an interest rate of 3.16%, down 5 basis points from the previous week.

You can use our mortgage calculator to get an idea of ​​what your monthly payments will be and to understand what the effects of making additional payments would be. Our mortgage calculator will also tell you how much interest you will be charged over the life of the loan.

15-year average refinancing rates

For fixed 15-year refinances, we see an average rate of 2.45%, down 4 basis points from what we saw last week.

The monthly payments on a 15-year refinance loan can be a considerable amount more than what you would get on a 30-year mortgage. However, a shorter loan term can help you increase your home equity much faster.

10-year refinancing rate

The average 10-year fixed refinancing rate is 2.43%, down 6 basis points from the rate observed the previous week.

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

How we calculate our refinancing rates

The table below shows how the refinance rates have changed over the past week.

These refi rates are provided by Bankrate. The information is based on borrowers who meet specific criteria, such as the home is an owner-occupied single-family residence. You may therefore be eligible for different rates if your financial situation does not meet the criteria of the survey.

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

Prices as of December 27, 2021.

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

Frequently asked questions about the refinancing rate (FAQ):

Is it still a good time to refinance?

The decision to refinance isn’t just driven by market factors like interest rates or home values, your personal situation matters as well. Determine whether or not refinancing matches your life plans and financial desires

If you can lower your interest rate enough to offset the initial closing costs, refinancing may be a good idea. However, refinancing isn’t always about lowering your mortgage rate. As home values ​​rise, many homeowners choose to turn their equity into cash through cash refinancing. A loan buyback might not always give you the best rate, but it can be a smart way to consolidate debt or finance a home renovation cheaply.

If this makes sense for your situation, it’s still a good time to refinance your mortgage.

How To Make Sure You Get The Best Refinance Rate

Mortgage refinancing rates are influenced by your personal finances. Having a healthier credit score and lower loan-to-value ratios (LTVs) will usually get a bigger discount on the mortgage refinance rates offered to them.

Your situation is not the only factor that influences the refinancing rates offered to you. The equity in your home is also a factor in the decision. You want to have at least 20% equity or a loan-to-value ratio of 80% or less.

Even the mortgage itself can determine your refinancing interest rate. A shorter term refinance loan generally has better refinance rates than refinance loans with longer repayment terms, all other things being equal. Additionally, if you want to turn your equity into cash with cash out refinancing, you should expect to pay a higher mortgage rate for this lien.

How much does it cost to refinance?

If you refinance your mortgage, the closing costs typically range between 3% and 6% of the loan amount. For a loan of $ 300,000, this represents $ 9,000 to $ 18,000 in fees.

There are a number of factors that different lenders take into consideration when assessing your situation. Compare your options and shop. Everything from the location of the home to the type of loan you are refinancing can affect your upfront costs.

Mortgage interest rates by type of loan

Mortgage refinancing rate

Mortgage purchase rate


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