Refi rates on April 26, 2021: Rates mixed – CNET

007-cnet-finance-mortgage-home-exterior-features
John Greim/Getty

Refinance rates for mortgage were varied today. We saw 15-year fixed refinance rates decline, while average rates for 30-year fixed refinances were flat. At the same time, average rates for 10-year fixed refinances increased. Refinance interest rates are never set in stone — but rates have been historically low. For those looking to get a good rate, now is a great time to refinance a house. But as always, make sure to first think about your personal goals and circumstances before refinancing, and compare offers to find a lender who can best meet your needs.

30-year fixed refinance rates

The average rate for a 30-year fixed refinance loan is currently 3.13%, unmoved compared to one week ago. (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. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. 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 current average interest rate for 15-year refinances is 2.43%, a decrease of 1 basis point from what we saw the previous week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. However, you’ll also be able to pay off your loan quicker, saving you money over the life of the loan. You’ll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

10-year fixed-rate refinance

For 10-year fixed refinances, the average rate is currently at 2.41%, an increase of 4 basis points from what we saw the previous week. You’ll pay more every month with a ten-year fixed refinance compared to a 30-year or 15-year refinance — but you’ll also have a lower interest rate. A 10-year refinance can help you pay off your house much faster and save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure that you can afford a higher monthly payment.

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 supplied by lenders across the country:

Average refinance interest rates

Product Rate Last week Change
30-year fixed refi 3.13% 3.13% N/C
15-year fixed refi 2.43% 2.44% -0.01
10-year fixed refi 2.41% 2.37% +0.04

Rates as of April 26, 2021.

How to find the best refinance rate

When looking for refinance rates, know that your specific rate may differ from those advertised online. 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. And don’t forget about fees and closing costs which may cost a hefty amount upfront.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

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. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

Is now a good time to refinance?

Generally, it’s a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your 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.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It’s helpful to have a specific goal for a refinance — such as decreasing your monthly payment or adjusting the term of your loan. And don’t forget about fees and closing costs, which can add up.

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.Refinancing at a lower interest rate can save you money in the long run and help you pay off your loan sooner. But a careful cost-benefit analysis is necessary to confirm that doing so makes sense.

Leave a Comment