Shutterstock.com

Shutterstock.com

Several benchmark refinance rates decreased today.

The average rates for 30-year fixed and 15-year fixed refinances both were down. The average rate on 10-year fixed refis, meanwhile, notched higher.

Refinancing rates are constantly changing, 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 4 basis points over the 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. That represents a decline of $2.28 over 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 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 rate for a 15-year fixed refi is 3.27 percent, down 2 basis points over the last week.

Monthly payments on a 15-year fixed refinance at that rate will cost around $702 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 save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.32 percent, up 10 basis points over the last seven days.

Monthly payments on a 10-year fixed-rate refi at 3.32 percent would cost $975.80 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? 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% 3.85% -0.04
15-year fixed refi 3.27% 3.29% -0.02
10-year fixed refi 3.32% 3.22% +0.10

Rates as of January 21, 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.”