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Several key refinance rates sunk lower today.

The average rates for 30-year fixed and 15-year fixed refinances both tapered off. The average rate on 10-year fixed refis, meanwhile, rose.

Refinancing rates are in a constant state of flux, but they remain much lower overall than they were 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 3.81 percent, down 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.78 percent.

At the current average rate, you’ll pay $466.53 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.71 lower.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see the effect of 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 3.27 percent, down 1 basis point since the same time last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $702 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 faster.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.31 percent, up 6 basis points over the last week.

Monthly payments on a 10-year fixed-rate refi at 3.31 percent would cost $977.19 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 3.81% 3.84% -0.03
15-year fixed refi 3.27% 3.28% -0.01
10-year fixed refi 3.31% 3.25% +0.06

Rates as of January 22, 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.”