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Today's 10-year, 15-year mortgage refinance rates approach one month at near-record lows | August 24, 2021

By Chris Jennings
Published  August 24, 2021 12:00pm EDT
Personal Finance
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Check out the mortgage refinancing rates for August 24, 2021, which are mostly unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates remained largely unchanged compared to yesterday’s, with the exception of 30-year rates, which increased slightly. 

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

Rates last updated on August 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Today’s 30-year mortgage refinance rates edged up to 2.875% today. Still, rates for a 30-year term have stayed well below 3% since the beginning of July. And 10-year and 15-year mortgage refinance rates have been near the record low of 2.000% for 26 straight days. Refinance rates across all terms represent exceptional value for homeowners looking to secure a lower interest rate.

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 the same as 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 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates are a mixed bag 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%, the same as last week
  • 10-year fixed refinance rates: 2.125%, the same as last week

Think it might be the right time to refinance? 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 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What are some reasons to refinance?

Each borrower’s situation is different, but here are some good reasons to refinance. 

  • To get a lower interest rate. A lower interest rate could mean you pay less in interest over the life of your mortgage — provided you also refinance into a shorter term.
  • To shorten the repayment period. If your ultimate goal is to be mortgage-free one day, shortening the repayment period could help that happen sooner.
  • To reduce interest costs over the life of the loan. Interest can be a significant chunk of the total cost of your mortgage. For example, if you borrow $250,000 at 3.5% for 30 years, your total interest costs would be $154,140. Refinancing at 2.75% for the same repayment period could save you $36,723 in interest costs.
  • To withdraw equity in cash. Known as a "cash-out refinance," this type of refinance allows you to take out a new mortgage for more than you owe on your old one and take the difference in cash. Your home’s equity secures the extra cash which you can use for home improvements, repairs or other needs.
  • To get a fixed mortgage rate. If you took out an adjustable rate mortgage, the very low initial interest rate can reset to a much higher one at the end of the initial period. And after that, your rate can change with market conditions. Many homeowners with ARMs look to refinance into fixed-rate mortgages that can ensure a reliable payment at a predictable rate.

Conversely, some reasons for refinancing are less than great. 

  • To use equity to pay off unsecured debts like a car loan or credit cards. If your interest rate on those types of credit is high, and you can get a really low mortgage refinance rate, you may think "Why not?" But unsecured debts like personal loans or credit cards, and even a secured auto loan, don’t put your home at risk. Paying off those debts by refinancing your home mortgage turns those unsecured debts into one that’s secured by your home.
  • To use equity for investing. Using equity to invest puts your home at risk for something that’s already a risky proposition. Investing comes with no guarantee of returns. Meanwhile, paying off your mortgage and preserving your equity has a reliably positive impact on your credit and finances.
  • To use equity for a big purchase. If you have equity built up in your home, it may be tempting to tap it to get cash for luxuries like a big trip, an RV or even cosmetic surgery. But think carefully before you do a cash-out refinance for these reasons. A refinanced mortgage is a long-term debt.

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. 

Mortgage rates by loan type

If you’re seeking lower monthly payments on an existing home, Credible can help you keep an eye on current mortgage rates and find the right loan for your financial goals.

Before you dive into mortgage refinancing, be sure to check out these loan rates, which you can compare by annual percentage rate (APR), as well as interest rate:

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.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.