10- and 15-Year Mortgage Refinance Rates Still at Near-Record Lows After Almost a Month
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Based on data compiled by Credible, today’s mortgage refinance rates are mostly unchanged since yesterday. However, 30-year fixed refinance rates increased slightly.
30-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
20-year fixed-rate refinance: 2.625%, unchanged
15-year fixed-rate refinance: 2.125%, unchanged
10-year fixed-rate refinance: 2.125%, unchanged
Rates last updated on Aug. 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
Today’s 30-year refinance rates crept up to 2.875% today, but rates for this term have been under 3% since the beginning of July. Meanwhile, 10- and 15-year mortgage refinance rates have stayed near the record low of 2.000% for 26 continuous days. Refinance rates for all terms offer a great opportunity for homeowners to save money in interest by getting a lower interest rate.
Whether you’re interested in saving money on your monthly mortgage payments, or considering a cash-out refinance, Credible’s free online tool lets you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.
You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.
Rates last updated on Aug. 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
How mortgage refinance rates have changed
Today’s mortgage refinance rates are mixed compared to the same time last week.
30-year fixed refinance rates: 2.875%, up from 2.750% last week, +0.125
20-year fixed refinance rates: 2.625%, up from 2.500% last week, +0.125
15-year fixed refinance rates: 2.125%, the same as last week
10-year fixed refinance rates: 2.125%, the same as last week
Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.
Rates last updated on Aug. 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What drives today’s refinance rates?
Mortgage refinance rates move with market factors, such as unemployment numbers and inflation.
Larger economic factors
Strength of the economy
Inflation rates
Employment
Consumer spending
Housing construction and other market conditions
Stock and bond markets
10-year Treasury yields
Federal Reserve policies
While big-picture conditions influence available rates, your personal financial history drives what rates you might be offered when you apply for a mortgage refinance.
Personal economic factors
Credit score
Credit history
Home equity
Loan amount, loan term, and loan type
Debt-to-income ratio
Location of the property
How to get the best mortgage refinance rates
You can’t control the market conditions that influence mortgage refinance rates. But you can take steps to maximize your chances of getting the best available rate. Before you refinance, try these steps.
1. Care for your credit
Check your credit report and score so you know what potential lenders will see. Correct any errors you find on your credit report. Keep paying all your bills on time and in full — positive payment history goes a long way toward elevating your credit score.
2. Pay down other debts
Your debt-to-income ratio was important when you took out your original mortgage, and it’s just as important when you refinance. Reducing your DTI will help improve your overall credit standing — plus it can free up more money to put toward paying down the principal when you refinance your mortgage.
3. Consider a shorter term
You might have taken a 30-year mortgage to ensure you got a lower monthly payment. But if you’re now able to swing a higher monthly payment, consider refinancing into a shorter term. Mortgage refinance loans with 10- and 15-year repayment terms generally have lower interest rates.
4. Comparison shop
If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. Comparison shopping can help you find the best rate and repayment term available to you. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.
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