Mortgage refinance rates today, April 10, 2020 | Rates fall

4 min read
Daily Refinance blog

EPSTOCK/Shutterstock.com

EPSTOCK/Shutterstock.com

Several closely watched mortgage refinance rates were down today.

The average rates for 30-year fixed and 15-year fixed refinances both fell. Meanwhile, the average rate on 10-year fixed refis also slid lower.

Refinancing rates 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.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.82 percent, down 14 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.03 percent.

At the current average rate, you’ll pay $467.10 per month in principal and interest for every $100,000 you borrow. That represents a decline of $8.01 over 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 15-year fixed refi average rate is now 3.33 percent, down 4 basis points from a week ago.

Monthly payments on a 15-year fixed refinance at that rate will cost around $701 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment 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 rapidly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.41 percent, down 20 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.41 percent would cost $994.02 per month for every $100,000 you borrow. As you can see, the big 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 3.82% 3.96% -0.14
15-year fixed refi 3.33% 3.37% -0.04
10-year fixed refi 3.41% 3.61% -0.20

Rates as of April 9, 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.”