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Refinance rates were mixed, but one key rate decreased.

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

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 4.63 percent, down 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.81 percent.

At the current average rate, you’ll pay $514.44 per month in principal and interest for every $100,000 you borrow. That’s $4.80 lower, compared with last week.

You can use Bankrate’s mortgage calculator to figure out 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 3.99 percent, up 2 basis points over the last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $740 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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 3.98 percent, up 8 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.98 percent would cost $1,007.71 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest 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? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed refi 4.63% -0.08 4.71%
15-year fixed refi 3.99% +0.02 3.97%
10-year fixed refi 3.98% +0.08 3.90%

Last updated December 5, 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.”