Multiple closely watched refinance rates tapered off today.

The average rates for 30-year fixed and 15-year fixed refinances both declined. The average rate on 10-year fixed refis, meanwhile, also receded.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 4.28 percent, down 7 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.29 percent.

At the current average rate, you’ll pay $493.70 per month in principal and interest for every $100,000 you borrow. That’s down $4.11 from what it would have been last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be 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 3.70 percent, down 4 basis points over the last seven days.

Monthly payments on a 15-year fixed refinance at that rate will cost around $726 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 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 3.63 percent, down 5 basis points since the same time last week.

Monthly payments on a 10-year fixed-rate refi at 3.63 percent would cost $997.31 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? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed refi 4.28% -0.07 4.35%
15-year fixed refi 3.70% -0.04 3.74%
10-year fixed refi 3.63% -0.05 3.68%

Last updated March 13, 2018.

Methodology: The rates you see above are 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. site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “ 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.”