Current Mortgage Refinance Rates -- April 29, 2021: Rates Tick Up

by Christy Bieber | Updated July 19, 2021 - First published on April 29, 2021

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Large, modern-style home with Today's Mortgage Refinance Rates graphic.

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Thinking of refinancing your current home loan? Here are today's average mortgage refinance rates.

Mortgage refinance rates are up a bit for all loans today. Homeowners need to assess the difference between their current loan rate and the refinance rate they qualify for when deciding whether it makes sense to secure a new loan to pay off their existing one.

Check out average mortgage refinance rates for April 29, 2021 to get an idea of what rate you might pay if you apply for a refinance loan today:

Mortgage Type Today's Interest Rate
30-year fixed refinance loan 3.268%
20-year fixed refinance loan 3.062%
15-year fixed refinance loan 2.563%

Data source: The Ascent's national mortgage interest rate tracking.

30-year mortgage refinance rates

The average 30-year mortgage refinance loan rate today is 3.268%, up 0.008% from yesterday's average of 3.260%. At today's average rate, you'd pay $436 per month in principal and interest per $100,000 refinanced. During your entire loan repayment period, you'd pay total interest costs of $57,030 per $100,000 refinanced.

20-year mortgage refinance rates

The average 20-year mortgage refinance loan rate today is 3.062%, up 0.01% from yesterday's average of 3.052%. A loan at today's average rate would cost you $558 per month in principal and interest for each $100,000 you refinance. The total costs of interest would add up to $33,850 per $100,000 refinanced at today's average rate.

The total interest costs over time are far lower with the 20-year refinance loan than the 30-year since you won't be paying interest for as long. Of course, your monthly payments will be higher since you must pay off your entire loan balance a decade sooner than with the 30-year loan.

15-year mortgage refinance rates

The average 15-year mortgage refinance loan rate today is 2.563%, up 0.002% from yesterday's average of 2.561%. You'd be looking at a principal and interest payment of $670 per $100,000 refinanced at today's average rate. Total interest costs would be $20,557 per $100,000 in mortgage debt over the life of the refinance loan.

Should you refinance your mortgage right now?

Refinancing your mortgage can be a smart financial decision if you're able to reduce your interest rate and lower your monthly payments by securing a new home loan. However, there are a few key things to think about before you refinance.

First, if you extend your loan repayment term, you could end up paying higher total interest costs over time than with your existing mortgage. This can occur even if you qualify for a lower interest rate since you'd be paying interest over a longer time. You can avoid this issue by choosing a refinance loan with a shorter repayment term. Or you may decide you're willing to pay more interest over the life of your loan in exchange for a reduced monthly payment.

Second, you will have to consider closing costs, which are the upfront fees you'll be charged when you refinance your mortgage. The Ascent's research revealed that closing costs on a refinance loan for a median value home total anywhere from $5,000 to $12,500. However, your closing fees will depend on the amount of your home loan, your location, and your lender.

You should eventually make up for these closing costs due to your lower monthly payments -- but that can take time. If you save $200 per month by refinancing and pay $6,000 in closing costs, you would take 2.5 years to break even. It's important to do the math and consider whether you'll stay in your home long enough for refinancing to pay off.

In general, it is a good idea to refinance if you don't plan to move in the next few years and you can reduce your mortgage interest rate by 1% or more. With mortgage refinance rates still not far off record lows, many borrowers will find it's a good time to refinance. Compare rates from the best mortgage refinance lenders to get some personalized offers and decide whether securing a new home loan now is right for you.

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