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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, all opinions are ours.
View mortgage refinancing rates for February 26, 2021, which are up from yesterday. (iStock)
According to data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinance rates have skyrocketed from yesterday. Average rates for 30-year refinancing jumped 375 basis points overnight, while average rates for all loan types topped 3%, hitting 3.083% after remaining flat all week.
- 30-year fixed rate refinancing: 3.375%, against 3.000%, +0.375
- 20-year fixed rate refinancing: 3.375%, against 3,000%, +0.375
- Refinancing at a fixed rate over 15 years: 2.500%, up 2.375%, +0.125
Prices updated on February 26, 2021. These prices are based on the assumptions presented here. Actual rates may vary.
If you are considering 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 the pre-qualified rates in as little as three minutes.
Current 30-year fixed rate refinancing
The current rate for a 30 year fixed rate refinance is 3.375%. This goes back to yesterday.
20-year fixed rate refinancing
The current 20 year fixed rate refinance rate is 3.375%. This goes back to yesterday.
Refinancing at a fixed rate over 15 years
The current rate for a 15 year fixed rate refinance is 2,500%. This goes back to yesterday.
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 February 26, 2021. These rates are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Today, mortgage refinance rates have increased compared to the same period last week.
- Refinancing fixed at 30 years: 3.375%, against 3,000% last week, +0.375
- Fixed refinancing at 20 years: 3.375%, compared to 2.875% last week, +0.450
- Refinancing fixed at 15 years: 2,500%, compared to 2,250% last week, +0,250
Do you think this might be a good time to refinance? To understand how much you could save on monthly mortgage payments by refinancing now, calculate the numbers and compare rates using Credible’s free online tool. Within minutes, you can see what many mortgage refinance lenders are offering.
Prices updated on February 26, 2021. These prices are based on the assumptions presented here. Actual rates may vary.
Factors driving current refinancing rates
Current refinancing rates, like mortgage interest rates in general, are affected by many economic factors, such as unemployment and inflation. But your personal financial history will also determine the rates you are 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 score, 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 want to refinance, in order to find the best rate for your situation.
According to a study by Freddie Mac, borrowers can save an average of $ 1,500 over the life of their loan by purchasing one additional rate, and an average of $ 3,000 by comparing five quotes. 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 pre-qualified rates in just three minutes.
Credible has also partnered with a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider hiring an online broker. You can compare quotes from the best insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.
Mortgage rates by type of loan
Whether this is your first time buying a mortgage or looking for lower monthly payments on an existing home, Credible can help you keep tabs on current mortgage rates and find the loan that suits 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:
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