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Refinance rates were mixed, but one key rate receded.

The average rate for a 30-year fixed-rate refinance was down, but the average rate on a 15-year fixed climbed higher. Meanwhile, the average rate on 10-year fixed refis notched higher.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 4.61 percent, down 8 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.82 percent.

At the current average rate, you’ll pay $513.24 per month in principal and interest for every $100,000 you borrow. That’s down $4.80 from what it would have been last week.

You can use Bankrate’s mortgage calculator to estimate 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 rate for a 15-year fixed refi is 3.98 percent, up 4 basis points since the same time last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $739 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 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 3.96 percent, up 10 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.96 percent would cost $1,005.81 per month for every $100,000 you borrow. As you can see, the hefty 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? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed refi 4.61% -0.08 4.69%
15-year fixed refi 3.98% +0.04 3.94%
10-year fixed refi 3.96% +0.10 3.86%

Last updated December 6, 2018.

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.”