Today's Mortgage Refinance Rates -- June 17, 2021: Rates Up for Most Loans

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Homeowners who want to refinance should keep tabs on rates. Here's what they are for today.

On June 17, 2021, mortgage refinance rates are up for the 30-year and 15-year loan.

If you are thinking about refinancing your current home loan, check out today's average rates to see how they compare to the interest you are paying now:

Mortgage Type Today's Interest Rate
30-year fixed refinance loan 3.259%
20-year fixed refinance loan 3.019%
15-year fixed refinance loan 2.540%

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 3.259%, up 0.019% from yesterday's average of 3.240%. At today's average rate, you'd pay $436 per month in principal and interest per $100,000 refinanced. Over the life of the refinance loan, your total interest costs would add up to $56,852 per $100,000 borrowed.

20-year mortgage refinance rates

The average 20-year mortgage refinance loan rate today is 3.019%, down 0.001% from yesterday's average of 3.020%. For each $100,000 refinanced at today's average rate, your total monthly principal and interest payment would be $556. The total costs of interest would add up to $33,332 per $100,000 refinanced at today's average rate.

The interest you'll pay over time with the 20-year option is below the total interest costs on the 30-year loan, but each monthly payment is higher. Making fewer payments saves you money over time, but each payment costs more during your repayment period.

15-year mortgage refinance rates

The average 15-year mortgage refinance loan rate today is 2.540%, up 0.019% from yesterday's average of 2.521%. A mortgage refinance loan at today's average interest rate would cost you $669 per $100,000 borrowed. Over the life of the refinance loan, total interest costs would add up to $20,361 per $100,000 borrowed.

Compared with the 20-year and 30-year loans, this loan is much more expensive each month, but the interest savings over time is substantial. Think about whether a lower monthly payment or lower total interest costs is most important to 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 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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