Mortgage refinance rates on Oct. 22, 2021: Rate retreats

www.cnet.com
4 min read
fairly easy
Refinance rates were mixed, but one key rate slid lower.
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In general, refinance rates for mortgages were varied with one notable rate sinking lower. The national rate average for a 15-year fixed-rate refinance advanced, while 30-year fixed refinance rates shrank. In addition, the average rate on 10-year fixed refinance saw growth. Refinance interest rates are never set in stone -- but rates have been historically low. For those looking to secure a good rate, now is a great time to refinance a house. Before you refinance, remember to consider your personal needs and financial situation, and speak with multiple lenders to find the best one for you.

30-year fixed-rate refinance

The average 30-year fixed refinance rate right now is 3.16%, a decrease of 1 basis point 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. If you're having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15-year and 10-year refinance rates. You'll also pay off your loan slower.

15-year fixed-rate refinance

For 15-year fixed refinances, the average rate is currently at 2.45%, an increase of 4 basis points over last week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. However, you'll also be able to pay off your loan quicker, saving you money over the life of the loan. You'll also typically get lower interest rates compared to a 30-year loan. This can help you save even…
Justin Jaffe
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