Based on data compiled by Credible, current mortgage refinance rates have increased for all repayment terms since yesterday.

• Refinancing at a fixed rate over 30 years: 3.125%, compared to 2.820%, +0.305
• Refinancing at a fixed rate over 20 years: 2.875%, compared to 2.750%, + 0.125
• Refinancing at a fixed rate over 15 years: 2.375%, compared to 2.250%, +0.125
• Refinancing at a fixed rate over 10 years: 2.250%, compared to 2.125%, +0.125

Prices updated on November 11, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Although mortgage refinancing rates have increased across all repayment terms, 30-year rates have been particularly volatile in recent weeks. Yet today’s mortgage refinance rates are low compared to pre-pandemic purchase rates. Many homeowners who bought in or before 2019, and have yet to refinance, may be able to lower their interest costs by doing so now ahead of further planned increases.

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing with cash, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 3.125%. It’s since yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage might lower your interest rate, but might not have much of an effect on your total interest charges or monthly payments. Refinancing a short-term mortgage to a 30-year refinance could result in a lower monthly payment, but higher total interest charges.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2.875%. It’s since yesterday. By refinancing a 30-year loan to a 20-year refinance, you could earn a lower interest rate and lower total interest charges over the life of your mortgage. But you can get a higher monthly payment.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.375%. It’s since yesterday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest charges and maintaining a reasonable monthly payment.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.250%. It’s since yesterday. Refinancing over 10 years will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a larger monthly mortgage payment.

You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.

Rates last updated on November 11, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

These rates are based on the assumptions presented here. Actual rates may vary.

Think it might be a good time to refinance? You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.

Prices updated on November 11, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

The Factors Behind Today’s Refinance Rates

Current refinancing rates, like mortgage interest rates in general, are affected by many economic factors, such as unemployment figures and inflation. But your personal financial history will also determine the rates you will be offered when refinancing your mortgage.

More important economic factors

• Strength of the economy
• Inflation rate
• Use
• Consumer spending
• Housing construction and other market conditions
• Stock and bond markets
• 10-year Treasury yields
• Federal Reserve policies

Personal economic factors

How To Get Your Lowest Mortgage Refinance Rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt could guarantee you a lower rate. It is also a good idea to compare the rates of different lenders if you are hoping to refinance, in order to find the best rate for your situation.

Borrowers can save $ 1,500 on average over the life of their loan by purchasing a single additional rate quote, and on average $ 3,000 by comparing five rate quotes, according to research by Freddie Mac.

Be sure to shop around and compare the rates of several mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

How does Credible calculate the refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the evolution of mortgage refinancing rates. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage refinancing rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

What are the reasons for refinancing?

Every borrower’s situation is different, but here are some great reasons to refinance:

• To get a lower interest rate – A lower interest rate could mean that you will pay less interest over the life of your mortgage – provided you are refinancing for a shorter term as well.
• To shorten the repayment period – If your ultimate goal is to someday get rid of your mortgage, shortening the repayment period may help you get there sooner.
• To reduce interest charges over the life of the loan – Interest can be a significant part of the total cost of your mortgage. For example, if you borrow $ 250,000 at 3.5% for 30 years, your total interest expense would be $ 154,140. Refinancing at 2.75% for the same repayment period could save you $ 36,723 in interest charges.
• To withdraw equity in cash – Known as “cash-out refinancing”, this type of refinance allows you to take out a new mortgage for more than you owe on your old one and take the difference in cash. The equity in your home guarantees the extra money you can use for improvements, repairs, or other needs.
• To get a fixed mortgage rate – If you have taken out an adjustable rate mortgage, the very low initial interest rate may revert to a much higher rate at the end of the initial period. And after that, your rate may change with market conditions. Many homeowners with ARMs are looking to refinance themselves into fixed rate mortgages that can provide reliable payment at a predictable rate.

Conversely, some reasons for refinancing are less good:

• Using equity to pay off unsecured debt like a car loan or credit cards – If your interest rate on these types of credit is high and you can get a really low mortgage refinance rate, you might be thinking “Why not? But unsecured debt like personal loans or credit cards, and even a secured car loan, doesn’t put your home at risk. Paying off those debts by refinancing your home mortgage turns those unsecured debts into debt secured by your home.
• Using equity to invest – Using equity to invest puts your home at risk for something that is already a risky proposition. The investment does not involve any guarantee of return. Meanwhile, paying off your mortgage and preserving your equity has a dependably positive impact on your credit and finances.
• Using equity for a big purchase – If you have built up equity in your home, it can be tempting to tap it to get money for luxuries like a big trip, a motorhome, or even cosmetic surgery. But think carefully before you refinance with withdrawal for these reasons. A refinanced mortgage is long term debt.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s quick, easy and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.