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Mortgage refinance rates were mixed, but one key rate notched higher.

The nationwide average for a 30-year fixed-rate refinance cruised higher, but the average rate on a 15-year fixed trended down. The average rate on 10-year fixed refis, meanwhile, fell.

Refinancing rates 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 may make sense to 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 3.65 percent, up 6 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.62 percent.

At the current average rate, you’ll pay $457.46 per month in principal and interest for every $100,000 you borrow. That’s an extra $3.38 compared with last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see 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 2.96 percent, down 6 basis points since the same time last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $685 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 come out thousands of dollars ahead over the life of the loan in total interest paid and build equity much faster.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.00 percent, down 11 basis points since the same time last week.

Monthly payments on a 10-year fixed-rate refi at 3.00 percent would cost $970.69 per month for every $100,000 you borrow. As you can see, the substantial savings in interest costs you’ll reap with that short 10-year term comes with the downside of a much larger monthly payment.

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 refinance interest rates
Product Rate Last week Change
30-year fixed refi 3.65% 3.59% +0.06
15-year fixed refi 2.96% 3.02% -0.06
10-year fixed refi 3.00% 3.11% -0.11

Rates as of May 22, 2020.

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

How to decide whether to lock in your rate

When you lock in a refinance rate, you freeze the rate your lender offers you for a specific period of time. A rate lock will secure that rate between the time you apply for the refinance and when you close on it.

Why do refinance rates rise and fall?

Economic factors such as inflation and unemployment can impact refinance rates. Generally, higher inflation leads to higher interest rates. The opposite is true; lower inflation typically leads to lower refinance rates. The dollar loses value when inflation rises. That, in turn, drives investors away from mortgage-backed securities (MBS), causing the prices to decrease and yields to increase. When yields move higher, refinance rates get more expensive.

People typically buy more homes when the economy is strong, driving demand for mortgages. Increased demand can cause an increase in rates. Less demand can lead to lower rates.

Current refinance rate environment

The current mortgage rate environment has been unstable because of the coronavirus pandemic, but generally rates have been low. Mortgage rates are rising and falling from week to week, as lenders are inundated with forbearance and refinance requests. In general, however, rates are consistently below 4 percent and even dipping into the mid to low 3s. This is an especially good time for people with good to excellent credit to lock in a low rate for a purchase loan. However, lenders are also raising credit standards for borrowers and demanding higher down payments as they try to dampen their risks.

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.”

Learn more about specific loan type rates
Product Purchase Rates Refinance Rates
The chart above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30 Year Fixed Mortgage Rates 30-Year Refinance Interest Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refi Rates
15-Year Loan 15-Year Mortgage Interest Rates 15-Year Mortgage Refinance Rates
10-Year Loan 10-Year Mortgage Interest Rates 10-Year Refinance Rates
FHA Loan FHA Loan Interest Rates FHA Refinance Rates
VA Loan VA Mortgage Interest Rates VA Refinance Loan Rates
ARM Loan ARM Mortgage Rates Current ARM Refinance Rates
Jumbo Loan Jumbo Loan Interest Rates Jumbo Loan Refinance Rates