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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.
View mortgage refinance rates for December 1, 2020, which are unchanged from yesterday – with one exception. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinance rates have largely held steady since yesterday, with the exception of 20-year fixed loan rates. Average rates for 30-year, 20-year and 15-year loans hit 2.542% – a low in the past 55 days.
- 30-year fixed rate refinancing: 2.750%, unchanged
- 20-year fixed rate refinancing: 2.625%, down from 2.750%, -0.125
- 15-year fixed rate refinancing: 2.250%, unchanged
Prices updated on December 1, 2020. 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 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 2.750%. It’s the same as yesterday.
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 2.250%. It’s the same as yesterday.
Thinking of refinancing for a shorter loan term? Take a look at where 15-year fixed 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.
Prices updated on December 1, 2020. These prices are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Today, mortgage refinancing rates are mostly down compared to this period last week.
- Refinancing fixed at 30 years: 2.750%, the same as last week
- Fixed refinancing at 20 years: 2.625%, compared to 2.750% last week, -0.125
- Refinancing fixed at 15 years: 2.250%, compared to 2.375% last week, -0.125
Do you think this might be a good time to refinance? 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 1, 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
- Property location
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 secure 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’re buying a first-time home to get a mortgage or looking for lower monthly payments on an existing home, Credible can help you find the right mortgage for 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 know more about refinancing your home loan? Take a look at the following articles:
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