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Several benchmark refinance rates receded today.

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

Refinancing rates are constantly changing, but they continue to represent a bargain compared to rates before the Great Recession. 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 3.57 percent, down 7 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.84 percent.

At the current average rate, you’ll pay $452.96 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $3.94 lower.

You can use Bankrate’s mortgage calculator to figure out your monthly payments and see 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 for a 15-year refi is currently running at 3.09 percent, down 6 basis point over the last seven days.

Monthly payments on a 15-year fixed refinance at that rate will cost around $696 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 come out thousands of dollars ahead 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 3.03 percent, down 17 basis points over the last week.

Monthly payments on a 10-year fixed-rate refi at 3.03 percent would cost $974.87 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 mortgage refinance rates
Product Rate Last week Change
30-year fixed refi 3.57% 3.64% -0.07
15-year fixed refi 3.09% 3.15% -0.06
10-year fixed refi 3.03% 3.20% -0.17

Rates as of February 12, 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.”