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

The nationwide average for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year fixed dropped. Meanwhile, the average rate on 10-year fixed refis sunk lower.

Rates for refinancing are constantly changing, but they have remained in a historically low range for quite some time. 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 3.64 percent, up 2 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.69 percent.

At the current average rate, you’ll pay $456.90 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.13 higher.

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 average for a 15-year refi is currently running at 3.10 percent, down 16 basis points over the last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $691 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 faster.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.27 percent, down 9 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.27 percent would cost $982.31 per month for every $100,000 you borrow. That hard-to-swallow 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 refinance interest rates
Product Rate Last week Change
30-year fixed refi 3.64% 3.62% +0.02
15-year fixed refi 3.10% 3.26% -0.16
10-year fixed refi 3.27% 3.36% -0.09

Rates as of May 13, 2020.

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

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.”

Explore other loan types
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific pagesto help our readers learn more about rates by loan type.
30-Year Loan Today’s 30-Year Mortgage Rates 30-Year Refinance Interest Rates
20-Year Loan Current 20 Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Interest Rates Current 15-Year Refinance Rates
10-Year Loan 10-Year Fixed Mortgage Rates Current 10-Year Refinance Rates
FHA Loan FHA Mortgage Loan Rates Current FHA Loan Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Interest Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refi Interest Rates