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Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.
Check out mortgage refinancing rates as of July 15, 2021, which are mostly down from yesterday, with the exception of the 15-year rates which have gone up. (iStock)
Based on data compiled by Credible, current mortgage refinancing rates have declined or held steady, with the exception of 15-year rates, which have skyrocketed.
- Refinancing at a fixed rate over 30 years: 2.750%, compared to 2.875%, -0.125
- Refinancing at a fixed rate over 20 years: 2.750%, compared to 2.875%, -0.125
- Refinancing at a fixed rate over 15 years: 2.375%, compared to 2.125%, +0.250
- Refinancing at a fixed rate over 10 years: 2.250%, unchanged
Prices updated on July 15, 2021. These prices are based on the assumptions presented here. Actual rates may vary.
Daily fluctuations are normal for all mortgage refinancing rates, but 15-year rates were particularly volatile in July, jumping up and down. Gradual moves are common, but 15-year rates moved a quarter point on several occasions in July. Nonetheless, with rates for all refinancing terms remaining below 3,000% for most of the month, refinancing rates remain a tremendous money-saving opportunity for homeowners.
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 2.750%. This is down from yesterday.
Current 20-year fixed refinancing rates
The current rate for a 20 year fixed rate refinance is 2.750%. This is down from yesterday.
Current fixed refinancing rates over 15 years
The current rate for a 15 year fixed rate refinance is 2.375%. It’s since yesterday.
Current fixed refinancing rates over 10 years
The current rate for a 10 year fixed rate refinance is 2.250%. It’s the same as yesterday.
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 July 15, 2021. These prices are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Mortgage refinancing rates today are mixed compared to the same time last week.
- Fixed refinancing rates over 30 years: 2.750%, compared to 2.990% last week, -0.24
- Fixed refinancing rates over 20 years: 2.750%, unchanged from last week
- Fixed refinancing rates over 15 years: 2.375%, compared to 2.250% last week, +0.125
- Fixed refinancing rates over 10 years: 2.250%, unchanged from last week
If you think refinancing is the right decision, consider using Credible. You can use Credible’s free online tool to easily compare multiple mortgage refinance lenders and see prequalified rates in as little as three minutes.
Prices updated on July 15, 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 the unemployment rate 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
- Employment
- 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’s also a good idea to compare the rates of different lenders if you are hoping to refinance 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. Credible can help you compare multiple lenders at once in just a few minutes.
If you do decide to refinance your mortgage, be sure to shop around and compare the rates of several mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.
Credible is also a partner of a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.
Mortgage rates by type of loan
If you’re looking for lower monthly payments on an existing home, Credible can help you keep tabs on current mortgage rates and find the loan that’s right for your financial goals.
Before you jump into mortgage refinancing, be sure to check out these loan rates, which you can compare by Annual Percentage Rate (APR), as well as by interest rate:
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.
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