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Several benchmark mortgage refinance rates declined today.

Average rates nationwide for 30-year fixed and 15-year fixed refinances both were down. Meanwhile, the average rate on 10-year fixed refis also tapered off.

Refinancing rates change daily, but they have remained in a historically low range for quite some time. If you’re in the market to refinance, it may be a great time to lock in a rate.

See refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.60 percent, down 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.02 percent.

At the current average rate, you’ll pay $454.65 per month in principal and interest for every $100,000 you borrow. That’s down $2.81 from what it would have been last week.

You can use Bankrate’s mortgage calculator to figure out your monthly payments 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 for a 15-year refi is currently running at 3.13 percent, down 9 basis points over the last seven days.

Monthly payments on a 15-year fixed refinance at that rate will cost around $693 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 more quickly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.24 percent, down 13 basis points since the same time last week.

Monthly payments on a 10-year fixed-rate refi at 3.24 percent would cost $982.78 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 mortgage refinance rates
Product Rate Last week Change
30-year fixed refi 3.60% 3.65% -0.05
15-year fixed refi 3.13% 3.22% -0.09
10-year fixed refi 3.24% 3.37% -0.13

Rates as of April 29, 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
Product Purchase Rates Refinance Rates
The chart above links out to loan-specific content to help our readers learn more about rates by loan type.
30-Year Loan 30 Year Fixed Mortgage Rates Current 30 Year Refinance Rates
20-Year Loan Current 20 Year Mortgage Rates 20-Year Refi Rates
15-Year Loan Current 15 Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Fixed Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Loan Interest Rates Current FHA Loan Refinance Rates
VA Loan VA Loan Rates Current VA Refinance Rates
ARM Loan Adjustable Rate Mortgage Rates ARM Refinance Interest Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Loan 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.”