Refinance rates for Oct. 27, 2021: Rates ratchet higher


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John Greim/Getty

Several important mortgage refinance rates moved up today.

Both 15-year fixed and 30-year fixed refinances saw their average rates go up. In addition, the average rate on 10-year fixed refinance also saw growth.

Refinance interest rates are never set in stone — but rates have been the lowest they’ve been in years. For those looking to lock in a good rate, now is an ideal time to refinance a home. But as always, make sure to first take into account your personal goals and circumstances before you get a refinance, and shop around to find a lender who can best meet your needs.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 3.20%, an increase of 4 basis points over this time last week. (A basis point is equivalent to 0.01%.)

A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance. 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

For 15-year fixed refinances, the average rate is currently at 2.46%, an increase of 2 basis points compared to one week ago.

With a 15-year fixed refinance, you’ll have a larger monthly payment than a 30-year loan. But you’ll save more money over time, because you’re paying off your loan quicker. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you’ll save even more in the long run.

10-year fixed-rate refinance

The average rate for a 10-year fixed refinance loan is currently 2.45%, an increase of 2 basis points over last 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 quicker and save on interest. 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 data collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates provided by lenders nationwide:

Average refinance interest rates





ProductRateA week agoChange
30-year fixed refi3.20%3.16%+0.04
15-year fixed refi2.46%2.44%+0.02
10-year fixed refi2.45%2.43%+0.02

Rates as of Oct. 27, 2021.

How to find personalized refinance rates

It’s important to understand that the rates advertised online may not apply to you. Your interest rate will be influenced by market conditions as well as your credit history and application.

Generally, you’ll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. Researching interest rates online is always a good idea, but you’ll need to connect with a mortgage professional to get your exact refinance rate. 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. This means that if you don’t have great credit ratings, you might not be able to take advantage of lowered interest rates — or qualify for a refinance in the first place.

To get the best refinance rates, you’ll first want to make your application as strong as possible. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. Don’t forget to speak with multiple lenders and shop around to find 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. It’s true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

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. Also keep in mind that closing costs and other fees may require an upfront investment.

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.



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