Mortgage refinance rates for June 18, 2021: Rates advance – CNET

Several important mortgage refinance rates saw growth today.

Both 15-year fixed and 30-year fixed refinances saw their mean rates climb. At the same time, average rates for 10-year fixed refinances also moved up.

Although refinance rates are always changing, they have been lower than they’ve been in years. For those looking to lock in a good rate, now is an optimal time to refinance a home. Before you refinance, remember to consider your personal needs and financial situation, and shop around for various lenders to find the right one for you.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.23%, an increase of 8 basis points over this time last week. (A basis point is equivalent to 0.01%.)

Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit more breathing room. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15-year and 10-year refinance rates. You’ll also pay off your loan slower.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 2.49%, an increase of 8 basis points over last week.

Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. On the other hand, you’ll save a money on interest, since you’ll pay off the loan sooner. 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

The average 10-year fixed refinance rate right now is 2.50%, an increase of 10 basis points from what we saw the previous week.

Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can help you pay off your house much faster and 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 supplied by lenders nationwide:

Average refinance interest rates

Product	Rate	Last week	Change
30-year fixed refi	3.23%	3.15%	+0.08
15-year fixed refi	2.49%	2.41%	+0.08
10-year fixed refi	2.50%	2.40%	+0.10

Rates as of June 18, 2021.

How to shop for refinance rates

When searching for refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’re offered. Market conditions aren’t the only factor in interest rates; your particular application and credit history will also play a large role.

Having a high credit score, low credit utilization ratio, and a history of consistent and on-time payments will generally help you get the best interest rates. 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.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. As such, you may not qualify for a refinance — or a low rate — if you don’t have a solid credit rating.

To get the best refinance rates, you’ll first want to make your application as strong as possible. You can do that by monitoring your credit, taking on debt responsibly, and getting your finances in order before applying for a refinance. Don’t forget to speak with multiple lenders and shop around to find the best rate.

When should I 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. Interest rates in the past few months have been at historic lows, but that’s not the only thing you should be looking at when deciding whether to refinance.

To decide whether a refinance is right for you, consider all of the factors including how long you plan to stay in your current home, the length of your loan term and the amount of your monthly payment. And don’t forget about fees and closing costs, which can add up.

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates — or even a refinance at all — if you don’t meet their standards.Refinancing can be a great move if you get a good rate or can pay off your loan sooner — but consider carefully whether it’s the right choice for you.