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View mortgage refinancing rates for November 10, 2020, which are mostly up from yesterday. (iStock)
According to data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinance rates have increased since yesterday, with the exception of the 15-year fixed rates. Average rates continue to hover at historically low levels overall, despite some overnight twists.
- 30-year fixed rate refinancing: 3,000%, up 2,750%, +0,250
- 20-year fixed rate refinancing: 2.875%, up from 2.750%, + 0.125
- Refinancing at a fixed rate over 15 years: 2.375%, unchanged
Rates last updated on November 10, 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 3000%. This goes back to yesterday.
20-year fixed rate refinancing
The current rate for a 20 year fixed rate refinance is 2.875%. This goes back to yesterday.
Refinancing at a fixed rate over 15 years
The current rate for a 15-year fixed rate refinance is 2.375%. 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.
Rates last updated on November 10, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Today, mortgage refinance rates are largely unchanged from this period last week, except for the 30-year fixed refinance rates, which have increased.
- Fixed refinancing at 30 years: 3.000%, against 2.875% last week, +0.125
- Fixed refinancing at 20 years: 2.875%, the same as last week
- Refinancing fixed at 15 years: 2.375%, the same as last week
Do you think this would 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 November 10, 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 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’re buying a first-time home for mortgage loans 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:
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