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Refinance rates for Sept. 13, 2021: Rates ease

Multiple key refinance rates declined today.

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Kurt Wittman/Getty

Numerous important refinance rates dropped today. Both 15-year fixed and 30-year fixed refinances saw their average rates trail off. In addition, the average rate on 10-year fixed refinance saw growth. Refinance interest rates are never set in stone -- but rates have been at historic lows. For those looking to lock in a good rate, now is a great time to refinance a home. But as always, make sure to first take into account your personal goals and circumstances before getting a refinance, and compare offers to find a lender who can best meet your needs.

30-year fixed refinance rates

For 30-year fixed refinances, the average rate is currently at 2.99%, a decrease of 2 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. If you're having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you'll pay off your loan at a slower rate.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 2.29%, a decrease of 3 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 average 10-year fixed refinance rate right now is 2.26%, an increase of 1 basis point over last week. Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure that you can afford a 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 across the country:

Average refinance interest rates

ProductRateA week agoChange
30-year fixed refi2.99%3.01%-0.02
15-year fixed refi2.29%2.32%-0.03
10-year fixed refi2.26%2.25%+0.01

Rates as of Sept. 13, 2021.

How to find the best refinance rate

It's important to understand that the rates advertised online may not apply to you. Though current market conditions will be a factor, your particular interest rate will depend largely on your application and credit history.

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.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. As such, you may not qualify for a refinance -- or a low rate -- if you don't have a solid credit rating.

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.

Is now a good time to refinance?

Generally, it's a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It's true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

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.

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates — or even a refinance at all — if you don't meet their standards. Refinancing can be a great move if you get a good rate or can pay off your loan sooner -- but consider carefully whether it's the right choice for you.