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Mortgage refinance rates were mixed, but one key rate ticked downward.

The nationwide average for a 30-year fixed-rate refinance receded, but the average rate on a 15-year fixed trended upward. The average rate on 10-year fixed refis, meanwhile, increased.

Refinancing rates are in a constant state of flux, but they remain much lower overall than they were before the Great Recession. If you’re in the market to refinance, it may make sense to go ahead and lock if you see a rate you like.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.62 percent, down 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.87 percent.

At the current average rate, you’ll pay $455.77 per month in principal and interest for every $100,000 you borrow. That’s down $1.69 from what it would have been last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed refinance

The 15-year fixed refi average rate is now 3.19 percent, up 3 basis points from a week ago.

Monthly payments on a 15-year fixed refinance at that rate will cost around $697 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, 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 quickly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.34 percent, up 4 basis points over the last seven days.

Monthly payments on a 10-year fixed-rate refi at 3.34 percent would cost $979.52 per month for every $100,000 you borrow. That whopper of a monthly payment comes with the benefit of paying even less interest over the life of the loan 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 3.62% 3.65% -0.03
15-year fixed refi 3.19% 3.16% +0.03
10-year fixed refi 3.34% 3.30% +0.04

Rates as of April 24, 2020.

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

Compare mortgage rates for various loan types
Loan term Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by mortgage type.
30-Year Loan Today’s 30-Year Mortgage Rates Current 30 Year Refinance Rates
20-Year Loan Current 20 Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Interest Rates Current 10-Year Refinance Rates
FHA Loan Current FHA Mortgage Rates FHA Refinance Interest Rates
VA Loan VA Loan Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Interest Rates
Jumbo Loan Current Jumbo Mortgage Rates Jumbo Refinance 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.”