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EPSTOCK/Shutterstock.com

Several benchmark mortgage refinance rates declined today.

The national averages for 30-year fixed and 15-year fixed refinances both dropped. The average rate on 10-year fixed refis, meanwhile, also tapered off.

Rates for refinancing are constantly changing, but they remain much lower overall than they were before the Great Recession. If you’re in the market to refinance, it could make sense to go ahead and lock if you see a rate you like.

See refinance rates for a variety of loan options here.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.59 percent, down 2 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.96 percent.

At the current average rate, you’ll pay $454.08 per month in principal and interest for every $100,000 you borrow. That’s $1.13 lower, compared with last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed refinance

The average rate for a 15-year fixed refi is 3.14 percent, down 11 basis points over the last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $692 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.32 percent, down 3 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.32 percent would cost $981.85 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest than you would with a 15-year term.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:

Average mortgage refinance rates
Product Rate Last week Change
30-year fixed refi 3.59% 3.61% -0.02
15-year fixed refi 3.14% 3.25% -0.11
10-year fixed refi 3.32% 3.35% -0.03

Rates as of April 30, 2020.

Want to see where rates are right now? See refinance rates for a variety of loan options here.

See rates for a variety of loan types
Loan Type Purchase Rates Refinance Rates
The chart above links out to loan-specific pagesto help you learn more about rates by mortgage type.
30-Year Loan Today’s 30-Year Mortgage Rates 30-Year Mortgage Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Mortgage Refinance Rates
15-Year Loan Today’s 15-Year Mortgage Rates Current 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Loan Interest Rates FHA Mortgage Refi Rates
VA Loan VA Loan Interest Rates Current VA Refinance Rates
ARM Loan ARM Loan Rates Current ARM Refinance Rates
Jumbo Loan Jumbo Loan Interest Rates Jumbo Refi Interest Rates

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”