All rates are still in effect


As of October 1, 2021, average mortgage refinancing rates are higher for all loans. Homeowners can keep an eye on how average mortgage refinance rates compare to their current mortgage rates so they can look for opportunities to save.

Here are the daily average prices for the first day of October:

The data source: The Ascent National Mortgage Interest Rate Tracker.

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30-year mortgage refinancing rate

The 30-year mortgage refinance average rate today is 3.257%, up 0.021% from yesterday’s average of 3.236%. A mortgage refinance loan at the current average interest rate would cost you $ 429 per $ 100,000 borrowed. The total interest charge would be $ 56,813 per $ 100,000 borrowed over the life of the refinance loan.

20-year mortgage refinancing rate

The 20-year mortgage refinance average rate today is 2.958%, up 0.022% from yesterday’s average of 2.936%. If you refinance at today’s average rate, you would have a monthly principal and interest payment of $ 553 for every $ 100,000 borrowed. Over the life of the refinance loan, your total interest charges would be $ 32,599 per $ 100,000 borrowed.

The interest rate is lower on the 20-year loan, but the monthly payments are still much higher. This is because you make payments a decade less, so every payment you make has to be higher. The lower rate combined with the shorter repayment term make this loan much cheaper over time.

15-year mortgage refinancing rate

The 15-year average mortgage refinance rate today is 2,500%, up 0.027% from yesterday’s average of 2.473%. You would consider a principal and interest payment of $ 667 for every $ 100,000 refinanced at today’s average rate. During the life of the refinance loan, you would pay a total interest charge of $ 20,022 per $ 100,000 borrowed.

The repayment term of this loan is very short, which explains both the high monthly payments and the low total cost of the loan. Make sure that the loan payments will be easily affordable for you before deciding to choose this refinance loan option.

Should You Refinance Your Mortgage Now?

Refinancing your mortgage can be a smart financial move if you are able to lower your interest rate and monthly payments by getting a new home loan. However, there are a few key things to consider before refinancing.

First, if you extend your loan repayment term, you could end up paying higher total interest charges over time than with your current mortgage. This can happen even if you qualify for a lower interest rate since you would be paying interest over a longer period. You can avoid this problem by choosing a refinance loan with a shorter repayment term. Or you may decide that you are willing to pay more interest over the life of your loan in exchange for a lower monthly payment.

Second, you’ll need to factor in closing costs, which are the upfront fees you will be charged when you refinance a mortgage. Ascent’s research found that the closing costs for a refinance loan for a mid-value home are between $ 5,000 and $ 12,500. However, your closing costs will depend on your mortgage amount, location, and lender.

You might need to offset these closing costs because of your lower monthly payments, but it can take time. If you save $ 200 per month by refinancing and pay $ 6,000 in closing costs, it would take you 2.5 years to break even. It’s important to do the math and determine if you’ll be staying in your home long enough for the refinancing to pay off.

In general, it’s a good idea to refinance if you don’t plan on moving in the next few years and can lower your mortgage interest rate by 1% or more. With mortgage refinancing rates nearing all-time lows, many borrowers will find it a good time to refinance. Compare the rates of the best mortgage refinance lenders for personalized offers and decide if getting a new home loan is right for you now.


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