Current Mortgage Refinance Rates -- March 29, 2021: Rates Down for Most Loans

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

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

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What are the average mortgage refinance rates on March 29, 2021?

Mortgage refinance rates are down for most loans on Monday. Homeowners should consider refinancing when they can reduce their interest rate compared with their current loan. Although average refinance rates are undoubtedly higher now than they were at the end of last year, many homeowners could still reduce their rate.

Check out average mortgage refinance rates on March 29, 2021 to see what rates you might be offered if you refinance.

Mortgage Type Today's Interest Rate
30-year fixed refinance loan 3.401%
20-year fixed refinance loan 3.113%
15-year fixed refinance loan 2.689%

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 3.401%, down 0.015% from Friday's average of 3.416%. At today's average rate, you'd pay $444 per month in principal and interest per $100,000 refinanced. During your entire loan repayment period, you'd pay total interest costs of $59,673 per $100,000 refinanced.

20-year mortgage refinance rates

The average 20-year mortgage refinance loan rate today is 3.113%, unchanged from Friday's average. A mortgage refinance loan at today's average interest rate would cost you $560 per $100,000 borrowed. Over the life of the refinance loan, your total interest costs would add up to $34,465 per $100,000 borrowed.

Your choice of loan term is important. When you choose a shorter refinance loan term, such as the 20-year versus the 30-year, your monthly payments are higher than they could be. But by reducing the time you pay interest, you save considerably on interest over time.

15-year mortgage refinance rates

The average 15-year mortgage refinance loan rate today is 2.689%, down 0.013% from Friday's average of 2.702%. A mortgage refinance loan at today's average interest rate would cost you $676 per $100,000 borrowed. The total costs of interest would add up to $21,630 per $100,000 refinanced at today's average rate.

By reducing your payoff time even more with the 15-year loan, you can maximize the total amount of interest savings after refinancing. Of course, the higher monthly payments could be a financial burden, so make sure they're affordable for you.

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 have to pay 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 near 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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