Mortgage refinance rates on June 11, 2021: Rates retreat

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Jay Solmonson/Getty

Several important refinance rates trailed off today.

Both 15-year fixed and 30-year fixed refinances saw their mean rates decline. In addition, the average rate on 10-year fixed refinance also slumped.

Although refinance rates are always changing, they have been lower than they’ve been in years. If you plan to refinance your house, now might be a great time to secure a good rate. Before getting a refinance, remember to think about your personal needs and financial situation, and shop around for different lenders to find the right one for you.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.15%, a decrease of 1 basis point over this time last week. (A basis point is equivalent to 0.01%.)

One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit more breathing room. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 2.41%, a decrease of 1 basis point compared to one week ago.

With a 15-year fixed refinance, you’ll have a larger monthly payment than a 30-year loan. On the other hand, you’ll save a money on interest, since you’ll pay off the loan sooner. 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 2.40%, a decrease of 3 basis points compared to one week ago.

A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates reported by lenders nationwide:







Average refinance interest rates
Product Rate A week ago Change
30-year fixed refi 3.15% 3.16% -0.01
15-year fixed refi 2.41% 2.42% -0.01
10-year fixed refi 2.40% 2.43% -0.03

Rates as of June 11, 2021.

How to find the best refinance rate

When searching for refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’re offered. Though current market conditions will be a factor, your particular interest rate will depend largely on your application and credit history.

To get the best interest rates, you’ll typically need a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments. To get your personalized refinance rates, you’ll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. Also remember to account for potential fees and closing costs.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. As such, you may not qualify for a refinance — or a low rate — if you don’t have a solid credit rating.

Before applying for a refinance, you should make your application as strong as possible in order to get the best rates available. If you haven’t already, try to improve your credit by monitoring your credit reports, using credit responsibly, and managing your finances carefully. Also be sure to compare offer from multiple lenders in order to get the best rate.

When to consider a mortgage refinance

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner — or for a combination of reasons? Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don’t have a solid credit score, you may not qualify for the best rate.If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it’s a good fit for your situation.

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