20-Year Mortgage Refinance Rates Remain Unshakable as 3 Other Key Terms Inch Up

Chris Jennings

November 2, 2021 at 11:29 AM·5 min read

Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.

Based on data compiled by Credible, mortgage refinance rates rose for three major terms since yesterday, while 20-year rates remained unchanged.

30-year fixed-rate refinance: 2.990%, up from 2.940%, +0.050
20-year fixed-rate refinance: 2.750%, unchanged
15-year fixed-rate refinance: 2.375%, up from 2.250%, +0.125
10-year fixed-rate refinance: 2.250%, up from 2.125%, +0.125

Rates last updated on Nov. 2, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage rates climbed back up across three terms today, in line with experts’ predictions that rates will continue rise in the final months of the year. But for now, homeowners still have a chance to refinance into a new term and save on interest over the life of their loan. Once again, 20-year refinance rates stand out — rates for this term have held at 2.750% for seven straight days. Homeowners who select this term can take advantage of a relatively low monthly payment while still enjoying significant interest savings.

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 Nov. 2, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 2.990%. This is up from yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage could lower your interest rate, but may not have much effect on your total interest costs or monthly payment. Refinancing a shorter term mortgage into a 30-year refinance could result in a lower monthly payment but higher total interest costs.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.750%. This is the same as yesterday. By refinancing a 30-year loan into a 20-year refinance, you could secure a lower interest rate and reduced total 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%. This is up from yesterday. A 15-year refinance could be a good choice for homeowners looking to strike a balance between lowering interest costs and retaining a manageable monthly payment.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.250%. This is up from yesterday. A 10-year refinance will help you may off your mortgage sooner and maximize your interest savings. But you could also end up with a bigger monthly mortgage payment.

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 Nov. 2, 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.

More from Credible:

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.

The post 20-Year Mortgage Refinance Rates Remain Unshakable as 3 Other Key Terms Inch Up appeared first on Credible.

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Current 30-year fixed refinance rates

Current 20-year fixed refinance rates

Current 15-year fixed refinance rates

Current 10-year fixed refinance rates

What drives today’s refinance rates?

Larger economic factors

Personal economic factors

How to get the best mortgage refinance rates

1. Care for your credit

2. Pay down other debts

3. Consider a shorter term

4. Comparison shop

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