Refinance Rates Take a Big Jump From Last Week: Refinance Rates Today, March 21, 2024

Current mortgage refinancing rates

Refinance rates are still high, but your personal interest rate will depend on your credit history, your financial profile and your application.

Average refinance rates reported by lenders in the United States as of March 21, 2024. We track refinance rate trends using information from Bankrate.


Mortgage refinance rates change daily. Experts recommend shopping around to ensure you get the lowest rate. By entering your information below, you can get a personalized quote from one of CNET’s partner lenders.

Information about these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features rates from lender partners that you can use when comparing multiple mortgage rates.


The vast majority of U.S. homeowners already have mortgages with a rate below 6%. As mortgage refinance rates have averaged above 6.5% in recent months, families are choosing to keep their existing mortgages rather than swap them for a new home loan.

If rates fell to 6%, at least a third of borrowers taking out mortgages in 2023 could reduce their rate by a full percentage point through refinancing, according to BlackKnight.

In today’s market, refinancing might make sense if you have a rate above 8%, said Logan Mohtashami, chief analyst at HousingWire. “However, with all refinancing options, it comes down to a personal financial choice due to the cost that accompanies the loan process,” he said.

Refinancing rate forecast for 2024

Mortgage rates have skyrocketed over the past two years, largely due to the Federal Reserve’s aggressive attempt to tame inflation by raising interest rates. Experts say slowing inflation and the Fed’s planned interest rate cuts should help stabilize mortgage interest rates by the end of 2024. But the timing of the Fed’s cuts will depend on incoming economic data and the response of the market.

For homeowners looking to refinance, remember that you can’t time the economy: Interest rates fluctuate on an hourly, daily and weekly basis and are affected by a variety of factors. The best move is to keep an eye on daily rate changes and have an action plan for how to take advantage of a large enough percentage drop, said Matt Graham of Mortgage News Daily.

What does refinancing mean?

When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you’ll tap into your equity with a new loan that’s larger than your existing mortgage balance, allowing you to pocket the difference in cash.

Refinancing can be a great financial move if you get a low rate or can pay off your home loan in less time, but consider whether it’s the right choice for you. Reducing your interest rate by 1% or more is an incentive to refinance, allowing you to significantly reduce your monthly payment.

How to choose the right type and term of refinancing

Rates advertised online often require specific eligibility conditions. Your personal interest rate will be influenced by market conditions, as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio, and a history of consistent and on-time payments will generally help you get the best interest rates.

30-year fixed rate refinancing

The average rate for a 30-year fixed refinance loan is currently 7.02%, up 17 basis points from a week ago. (One basis point equals 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15- or 10-year refinance, but it will take longer to pay off and will typically cost you more in interest. the long term.

15-year fixed rate refinancing

The average rate for a 15-year fixed refinance loan is currently 6.48%, an increase of 1 basis point from last week. While a 15-year fixed refinance will most likely increase your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off the loan more quickly. Additionally, 15-year refinance rates are generally lower than 30-year refinance rates, which will help you save more in the long run.

10-year fixed rate refinancing

The average rate for a 10-year fixed refinance loan is currently 6.39%, an increase of 16 basis points from last week. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your home much faster and save on interest, but make sure you can afford the higher monthly payment.

To get the best refinance rates, make your case as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don’t forget to talk to multiple lenders and shop around.

When to consider a mortgage refinance

Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance:

  • To get a lower interest rate: If you can secure a rate at least 1% lower than your current mortgage, it may make sense to refinance.
  • To change the type of mortgage: If you have an adjustable rate mortgage and want more security, you could refinance with a fixed rate mortgage.
  • To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance it with a conventional loan once you have 20% equity.
  • To change the loan term: Refinancing to a longer loan term may reduce your monthly payment. Short-term refinancing will save you interest in the long term.
  • To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a major expense.
  • To remove someone from their mortgage: In the event of a divorce, you can apply for a new home loan in your name only and use the funds to pay off your existing mortgage.

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