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Current refinance rates on May 25, 2021: Rates fall



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Multiple important refinance rates trailed off today.

Both 15-year fixed and 30-year fixed refinances saw their mean rates sink. At the same time, average rates for 10-year fixed refinances were stable.

Refinance interest rates are never set in stone — but rates have been historically low. Because of this, right now is an optimal time for homeowners to secure a good refinance rate. Before refinancing, remember to consider your personal needs and financial situation, and shop around for multiple lenders to find the best one for you.

30-year fixed refinance rates

The average rate for a 30-year fixed refinance loan is currently 3.13%, a decrease of 2 basis points from what we saw one week ago. (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. Because of this, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. However, interest rates for a 30-year refinance will typically be higher than rates for a 15-year or 10-year refinance. It’ll also take you longer to pay off your loan.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 2.42%, a decrease of 1 basis point from what we saw the previous week.

A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. But you’ll save more money over time, because you’re paying off your loan quicker. You’ll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 2.43%, unmoved over last week.

You’ll pay more every month with a ten-year fixed refinance compared to a 30-year or 15-year refinance — but you’ll also have a lower interest rate. A 10-year refinance can help you pay off your house much faster and save on interest in the long run. 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 provided by lenders nationwide:







Average refinance interest rates
Product Rate Last week Change
30-year fixed refi 3.13% 3.15% -0.02
15-year fixed refi 2.42% 2.43% -0.01
10-year fixed refi 2.43% 2.43% N/C

Rates as of May 25, 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. To get your personalized refinance rates, you’ll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. Also remember to account for potential fees and closing costs.

It’s also worth noting that in recent months, lenders have been stricter with their requirements. As such, you may not qualify for a refinance — or a low rate — if you don’t have a solid credit rating.

One way to get the best refinance rates is to strengthen your borrower application. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. Also be sure to compare offer from multiple lenders in order to get the best rate.

Is now a good time to refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

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. And don’t forget about fees and closing costs, which can add up.

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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