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Based on data compiled by Credible, current mortgage refinance rates rose for the two longest periods, held steady for one and fell for the shortest period compared to yesterday.

  • 30 year fixed rate refinance: 3.250%, above 3.125%, +0.125
  • 20 year fixed rate refinance: 2.875%, above 2.750%, +0.125
  • 15 year fixed rate refinance: 2.375%, unchanged
  • 10 Year Fixed Rate Refinance: 2.250%, below 2.375%, -0.125
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Rates were last updated on October 22, 2021. These rates are based on assumptions shown Here. Actual rates may vary.

Mortgage refinance rates closed higher in all terms than at this time last week, continuing the upward trend that mortgage experts have predicted will happen before the end of the year. But there’s still time for homeowners to strike a deal on a refinance — today’s 10-year rates have dropped to 2.250%, which could give homeowners a chance to reap interest savings on larger monthly payments. Meanwhile, 30-year rates rose to 3.250% – the highest they have been since April 5 – and 20-year rates rose to 2.875% for the first time since July 14.

If you’re looking to refinance your home mortgage, consider using credibles. Whether you’re interested in saving money on your monthly mortgage payment or are considering a cash-out refinance, Credible’s free online tool will let you compare rates from multiple mortgage lenders. You can view pre-qualified rates in as little as three minutes.

Current 30-Year Fixed Refinance Rates

The current rate for a 30 year fixed rate refinance is 3.250%. This is from yesterday. Refinancing a 30-year mortgage to a new 30-year mortgage may lower your interest rate, but may not have much of an impact on your overall interest cost or monthly payment. Refinancing a shorter-term mortgage to a 30-year refinance may result in lower monthly payments but higher overall interest costs.

Current 20-Year Fixed Refinance Rates

The current rate for a 20 year fixed rate refinance is 2.875%. This is from yesterday. By refinancing a 30-year loan into a 20-year refinance, you can secure a lower interest rate and reduce overall interest costs over the life of your mortgage. But you may get a higher monthly payment.

Current 15-Year Fixed Refinance Rates

The current rate for a 15-year fixed rate refinance is 2.375%. It’s the same as yesterday. A 15-year refinance can be a good option for homeowners looking to strike a balance between lowering interest costs and maintaining manageable monthly payments.

Current 10-Year Fixed Refinance Rates

The current rate for a 10-year fixed rate refinance is 2.250%. It’s down from yesterday. A 10-year refinance will help you pay off your mortgage early and maximize your interest savings. But you can also end up with a sizable monthly mortgage payment.

You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check out Reliable and get pre-qualified today.

Rates were last updated on October 22, 2021. These rates are based on assumptions shown Here. Actual rates may vary.

These rates are based on assumptions shown Here. Actual rates may vary.

Think it might be the right time to refinance? Be sure to shop around and compare rates with several mortgage lenders. You can easily do this with Reliable and see your pre-qualified rates in just three minutes.

Rates were last updated on October 22, 2021. These rates are based on assumptions shown Here. Actual rates may vary.

Are refinancing rates higher than purchase rates?

Refinancing rates are generally higher than rates for new mortgages to purchase a home. Here are some factors that affect higher rates:

  • risk A borrower who refinances over a shorter period to get a lower interest rate and pay off his loan early may end up with a higher monthly payment. That higher payment could translate into a higher risk of default. Similarly, cash-out refinancing increases the borrower’s debt-to-income ratio — and possibly their risk of default.
  • Revenue A lender may be able to make more money from a purchase loan than from a refinance. Many homebuyers choose longer terms for purchase mortgages, which come with higher interest rates. Refinancing for a shorter term and/or a lower interest rate reduces the amount of interest the lender will pay over the life of the loan.
  • Cost Refinancing a mortgage comes with many of the same closing costs as when you take out a new mortgage, such as appraisals, attorney’s fees, and more. Closing on a refinance also incurs a cost to the lender. But while you get a lower interest rate and shorter tenure with a refinance, which benefits you financially, the lender will reduce the interest over the life of the refinance loan.
  • your credit – Hopefully, your credit continues to improve once you become a homeowner. But this is not always the case for everyone. A homeowner whose credit score has actually fallen since they initially bought the home may seem like a major risk to lenders — who may charge higher interest rates to offset the perceived risk.

How to find your lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score and paying off any other debt may get you a lower rate. If you’re looking to refinance, it’s also a good idea to compare rates from different lenders so you can find the best rate for your situation.

According to research, borrowers can save an average of $1,500 over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes. Freddie Mac.

If you decide to refinance your mortgage, be sure to shop around and compare rates from several mortgage lenders. You can do this easily with Credible’s free online tool and see your pre-qualified rates in just three minutes.

How Does Credible Calculate Refinance Rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors affect the pace of mortgage refinance rates. Reliable average mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

Rates assume that a borrower has a 740 credit score and is borrowing a traditional loan for a single family home that will be their primary residence. Rates also consider no (or very low) discount points and a 20% down payment.

Reliable mortgage refinance rates will only give you an idea of ​​the current average rates. The rate you receive can vary depending on several factors.

Can you negotiate refinance rates?

Negotiation is often possible in real estate transactions, and you may be able to work with your lender to negotiate a lower refinance rate.

Having a good to excellent credit score, low debt-to-income ratio and good income can help in negotiating. Being open to compromise can also help. For example, your lender may agree to a lower interest rate if you want to pay off mortgage discount points in advance.

The best way to make sure you get the lowest possible interest rate is to compare rates and loans from multiple mortgage lenders.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible Partner here. It is fast, easy and the entire process can be completed completely online.

You have questions related to finance, but don’t know what to ask? Email a trusted money expert at [email protected] and your question may be answered by credible in our Money Expert column.

As a trusted authority on mortgage and personal finance, Chris Jennings covers topics that include mortgage loans, mortgage refinancing, and more. He has been editor and editorial assistant in the online personal finance sector for four years. His work has been featured by MSN, AOL, Yahoo Finance, and others.