Since early February, however, rates have climbed back into the 7% range. Refinance rates dropped significantly toward the end of 2023, bringing much-needed activity to the housing market. And don’t forget to speak with multiple lenders and shop around. To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. The average rate for a 10-year fixed refinance loan is currently 6.64%, an increase of 25 basis points from what we saw the previous week. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off your loan quicker. The average 15-year fixed refinance rate right now is 6.70%, an increase of 12 basis points compared to one week ago. (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, but it will take you longer to pay off and typically cost you more in interest over the long term. The current average interest rate for a 30-year refinance is 7.19%, an increase of 9 basis points compared to one week ago. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. The rates advertised online often require specific conditions for eligibility. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.Ĭhoosing the right refinance type and term About these rates: Like CNET, Bankrate is owned by Red Ventures.