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Latest Tech: Refinance rates for Sep. 1, 2021: Rates move higher

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Brittany Hosea-Small/Getty

A few closely followed mortgage refinance rates went 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 remained unaltered.

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

30-year fixed refinance rates

The average rate for a 30-year fixed refinance loan is currently 3.07%, an increase of 8 basis points over this time last week. (A basis point is equivalent to 0.01%.)

Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. 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

The average rate for a 15-year fixed refinance loan is currently 2.37%, an increase of 7 basis points over last week.

A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. However, you’ll also be able to pay off your loan quicker, saving you money over the life of the loan. 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

For 10-year fixed refinances, the average rate is currently at 2.33%, unmoved over last week.

A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can help you pay off your house much quicker and save on interest. However, you should analyze your budget and current financial situation to make sure you’ll be able to afford the higher monthly payment.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates reported by lenders across the US:

Average refinance interest rates





Product Rate A week ago Change
30-year fixed refi 3.07% 2.99% +0.08
15-year fixed refi 2.37% 2.30% +0.07
10-year fixed refi 2.33% 2.33% N/C

Rates as of Sep. 1, 2021.

How to find personalized refinance rates

When searching for refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’re offered. Your interest rate will be influenced by market conditions as well as your credit history and application.

To get the best interest rates, you’ll typically need a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. And don’t forget about fees and closing costs which may cost a hefty amount upfront.

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. You can do that by monitoring your credit, taking on debt responsibly, and getting your finances in order before applying for a refinance. Also be sure to compare offer from multiple lenders in order to get the best rate.

When should I refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. Interest rates in the past few months have been at historic lows, but that’s not the only thing you should be looking at when deciding whether to refinance.

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.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don’t have a solid credit score, you may not qualify for the best rate. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it’s a good fit for your situation.

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