Today Mortgage Refinance Rates: 30-Year, 20-Year, 15-Year, 10-Year

Homeowners still have time to save with mortgage refinance rates that are lower than pre-pandemic purchase rates. Mortgage Refinance Rates Today: December 4, 2021, Refinance Rates Cool Off Slightly.

The rate on a 30-year fixed refinance fell today, providing homeowners interested in refinancing a chance to lock in a historically low rate.

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Today, the average rate on a 30-year fixed mortgage refinance is 3.23%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 2.51%.

On a 20-year mortgage refinance, the average rate is 3.10%, and the average rate on a 5/1 ARM is 2.85%.

Current Mortgage Rates for December 4, 2021: Loan Term, Rate, Change, Rate Yesterday

• 30-Year Mortgage Refinance Rate: 3.23%, -0.01%, 3.24%


• 20-Year Fixed-Rate: 3.10%, 0.01%, 3.09%


• 15-Year Fixed-Rate: 2.51%, -0.02%, 2.53%


• 30-Year Jumbo Mortgage Refinance Rate: 3.23%, -0.01%, 3.24%


• 15-Year Jumbo Mortgage Refinance Rate: 2.52%, -0.01%, 2.53%


• 5/1 ARM Refinance Rate: 2.85%, -0.01%, 2.86%

Source: Bankrate.com

Based on data compiled by Credible, current mortgage refinances rates held steady for two key terms while rising slightly for two others:

• 30-year fixed-rate refinance: 3.125%, unchanged


• 20-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125


• 15-year fixed-rate refinance: 2.375%, unchanged


• 10-year fixed-rate refinance: 2.375%, up from 2.250%, +0.125

Rates were last updated on Dec. 3, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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With 30-year mortgage refinance rates holding steady for a third consecutive day, and 15-year rates stable for a fourth straight day, homeowners looking to reduce their interest rate may still be able to find good opportunities.

Although rates are predicted to continue rising through the end of the year, they’re still relatively low and linger well below purchase rates prior to the pandemic.

If you’re thinking of refinancing your home mortgage, consider using Credible. Whether you’re interested in saving money on your monthly mortgage payments or considering a cash-out refinance, Credible’s free online tool will let you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

30-Year Refinance Rates

The average rate for the 30-year fixed-rate mortgage refinances decreased to 3.23%. Last week, the 30-year fixed was 3.20%. The 52-week high is 3.25%.

On a 30-year fixed mortgage refi, the APR is 3.31%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $434 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 3.23%. In total interest, you’d pay $56,279 over the life of the loan.

20-Year Fixed-Rate Mortgage Refinance Rates

mortgage refinance rates

The average interest rate on the 20-year fixed refinance mortgage is 3.10%. This same time last week, the 20-year fixed-rate mortgage was at 3.03%. Today’s rate is higher than the 52-week low of 2.89%.

The APR on a 20-year fixed is 3.17%. Last week, it was 3.12%.

A 20-year fixed-rate mortgage refinances of $100,000 with today’s interest rate of 3.10% will cost $560 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $34,308 in total interest.

15-Year Mortgage Refinance Rate

The average interest rate on the 15-year fixed refinance mortgage is 2.51%. This same time last week, the 15-year fixed-rate mortgage was at 2.52%. Today’s rate is higher than the 52-week low of 2.32%.

The APR on a 15-year fixed is 2.66%. This time last week, it was 2.67%.

At today’s interest rate of 2.51%, a 15-year fixed-rate mortgage would cost approximately $667per month in principal and interest per $100,000. You would pay around $20,107 in total interest over the life of the loan.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 3.23%. Last week, the average rate was 3.20%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 3.23% will pay $3,256 per month in principal and interest per $100,000.

That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,256, and you’d pay around $422,095 in total interest over the life of the loan.

15-Year Jumbo Refinance Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 2.52%. Last week, the average rate was 2.53%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 2.52% will pay $668 per month in principal and interest per $100,000.

That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,008, and you’d pay around $151,437 in total interest over the life of the loan.

10-Year Fixed Mortgage Refinance Rates

The current rate for a 10-year fixed-rate refinance is 2.375%. This is up from yesterday. A 10-year refinance will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a bigger monthly mortgage payment.

You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

5/1 Adjustable-Rate Mortgage Refinance Rates

The average interest rate on a 5/1 ARM sits at 2.85%, higher than the 52-week low of 2.83%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.85% will pay $414 per month in principal and interest.

When You Should Refinance Your Home

A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration.

Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator could help you determine if refinancing is right for you.

How to Qualify for the Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home when you refinance here’s how you can find the lowest refinance rate:

1. Maintain a good credit score


2. Consider a shorter-term loan


3. Lower your debt-to-income ratio


4. Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt.

You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

The factors behind today’s refinance rates

Current refinance rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered when refinancing your mortgage.

1. Larger economic factors

• Strength of the economy


• Inflation rates


• Employment


• Consumer spending


• Housing construction and other market conditions


• Stock and bond markets


• 10-year Treasury yields


• Federal Reserve policies

2. Personal economic factors

• Credit score


• Credit history


• Home equity


• Loan amount, loan term, and loan type


• Debt-to-income ratio


• Location of the property

How to get your lowest mortgage to refinance rate

If you’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure you a lower rate. It’s also a good idea to compare rates from different lenders if you’re hoping to refinance so you can find the best rate for your situation.

Borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research from Freddie Mac.

Be sure to shop around and compare rates from multiple mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage to refinance rates.

Credible average mortgage refinances rates are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage refinances rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

Is now a good time to refinance?

Mortgage refinance rates have been at historic lows all year. It’s unlikely they’ll go much lower and extremely possible they’ll begin to rise in the coming months. But low rates aren’t the only factors that determine whether now is a good time for you to refinance your home loan.

Everyone’s situation is different, but generally, it may be a good time to refinance if:

• You’ll be able to get a lower interest rate than you currently have.


• Refinancing will save you money over the life of your home loan.


• Your savings from refinancing will ultimately exceed closing costs.


• You know you’ll be staying in your home long enough to recoup the costs of refinancing.


• You have sufficient equity in your home to avoid private mortgage insurance (PMI).

If your home needs significant, costly repairs it might be a good time to refinance in order to withdraw some equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take from your home in a cash-out refinance.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s fast, easy and the whole process can be completed entirely online.

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified mortgage refinance rates in only three minutes.

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