Mortgage Refinance Rates Stick at Bargain Lows Today

·4 min read

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Based on data compiled by Credible, today’s mortgage refinance rates held firm since yesterday. The average rates for all terms are currently below the 180-day averages.

  • 30-year fixed-rate refinance: 2.750%, unchanged

  • 20-year fixed-rate refinance: 2.500%, unchanged

  • 15-year fixed-rate refinance: 2.125%, unchanged

  • 10-year fixed-rate refinance: 2.000%, unchanged

Rates last updated on Sept. 1, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re a homeowner looking to shorten your repayment term or reduce your interest costs, today’s mortgage refinance rates provide an opportunity to do just that. With an interest rate of just 2.000%, 10-year fixed refinance rates may be the best option for those intent on paying as little interest as possible.

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 Sept. 1, 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: 2.750%, down from 2.875% last week, -0.125

  • 20-year fixed refinance rates: 2.500%, the same as last week

  • 15-year fixed refinance rates: 2.125%, the same as last week

  • 10-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125

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 Sept. 1, 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.

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