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Today's mortgage refinance rates: Longer terms fluctuate, shorter terms hold firm | August 13, 2021

By Chris Jennings
Published  August 13, 2021 11:54am EDT
Personal Finance
Content provided by Credible, which is majority owned by Fox Corporation. Credible is solely responsible for this content and the services it provides.

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 do promote products from our partner lenders, all opinions are our own.

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Check out the mortgage refinancing rates for August 13, 2021, which are a mixed bag from yesterday. (iStock)

Based on data compiled by Credible, one key mortgage refinance rate rose, one dipped down, and two have remained unchanged compared to yesterday’s rate. 

  • 30-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
  • 20-year fixed-rate refinance: 2.625%, down from 2.750%, -0.125
  • 15-year fixed-rate refinance: 2.125%, unchanged
  • 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on August 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

With today’s 20-year refinance rates at a near-record low of 2.625%, homeowners looking to refinance into a shorter term while keeping their monthly payments manageable could find this term to be a particular bargain. Meanwhile, 15-year and 10-year rates have held firmly at 2.125% for five consecutive days.

If you’re thinking of refinancing your home mortgage, consider using Credible. Whether you're interested in saving money on your monthly mortgage payments, or considering a cash-out refinance, Credible's free online tool will let you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 2.875%. This is up from yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.625%. This is down from yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.125%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is the same as yesterday.

You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

Rates last updated on August 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates have risen compared to this time last week.

  • 30-year fixed refinance rates: 2.875%, up from 2.750% last week, +0.125
  • 20-year fixed refinance rates: 2.625%, up from 2.500% last week, +0.125
  • 15-year fixed refinance rates: 2.125%, up from 2.000% last week, +0.125
  • 10-year fixed refinance rates: 2.125%, up from 2.000% last week, +0.125

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.

Rates last updated on August 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

Current refinance rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered when refinancing your mortgage.

Larger economic factors

  • Strength of the economy
  • Inflation rates
  • 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’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure you a lower rate. It’s also a good idea to compare rates from different lenders if you're hoping to refinance, so you can find the best rate for your situation.

Borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research from Freddie Mac. Credible can help you compare multiple lenders at once in just a few minutes.

If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy, and the whole process can be completed entirely online.

APR vs. interest rate: What’s the difference?

When you’re shopping for a mortgage or refinance loan, you’ll see the terms APR and interest rate arise often. They’re similar but not interchangeable.

The interest rate is the cost the lender will charge annually to loan you money. Annual percentage rate (APR) encompasses the interest rate and other fees and charges attached to your loan.

Generally, APR gives you a better picture of the true cost of a loan since it takes into account all the costs associated with borrowing money. For a mortgage or refinance, those costs can include discount points, fees, and other charges.

When you apply for a loan, you’ll usually be able to find the interest rate on the first page of your loan estimate, and the APR later in the document listed under "Comparisons."

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.