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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 our own.
Find out the mortgage refinancing rates for December 4, 2020, down from yesterday. (iStock)
According to data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinance rates have been declining since yesterday. Average rates, taken on 30-year, 20-year and 15-year loans, fell to 2.458% – a new 58-day low.
- 30-year fixed rate refinancing: 2.625%, down from 2.750%, -0.125
- 20-year fixed rate refinancing: 2.625%, down from 2.750%, -0.125
- Refinancing at a fixed rate over 15 years: 2.125%, down from 2.375%, -0.250
Rates last updated on December 4, 2020. These rates 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 the rates of 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 2.625%. This is down from yesterday.
Current 20-year fixed rate refinancing
The current rate for a 20-year fixed rate refinance is 2.625%. This is down from yesterday.
Refinancing at a fixed rate over 15 years
The current rate for a 15-year fixed rate refinance is 2.125%. This is down from yesterday.
Thinking of refinancing for a shorter loan term? Take a look at how fixed 15-year refinance rates compare to recent trends.
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 December 4, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Mortgage refinance rates are down across the board today from the Wednesday before Thanksgiving.
- Refinancing fixed at 30 years: 2.625%, against 2.750% last Wednesday, -0.125
- Fixed refinancing at 20 years: 2.625%, against 2.750% last Wednesday, -0.125
- Refinancing fixed at 15 years: 2.125%, against 2.250% last Wednesday, -0.125
Think maybe now is 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 lenders are offering.
Rates last updated on December 4, 2020. These rates 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
- Credit score
- Credit history
- Deposit size
- Loan to value ratio
- Type, amount and term of loan
- Debt to Income Ratio
- Location of the property
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, 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.
Mortgage rates by type of loan
Whether you are buying a mortgage for the first time or looking for lower monthly payments on an existing home, Credible can help you find the mortgage that meets your financial goals.
Be sure to check out these loan rates, which you can compare by Annual Percentage Rate (APR) as well as by interest rate:
More resources on mortgage refinancing
Want to learn more about refinancing your home loan? Take a look at the following articles:
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