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Check out the mortgage refinancing rates for July 12, 2021, which are largely unchanged from last Friday. (iStock)
Based on data compiled by Credible, current mortgage refinance rates continue to be an unprecedented bargain for homeowners, with average rates lingering below 3.000% since February. Only 15-year refinance rates rose since last Friday, with rates across all other terms holding steady.
- 30-year fixed-rate refinance: 2.750%, unchanged
- 20-year fixed-rate refinance: 2.750%, unchanged
- 15-year fixed-rate refinance: 2.250%, up from 2.000%, +0.250
- 10-year fixed-rate refinance: 2.125%, unchanged
Rates last updated on July 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
Homeowners may choose to refinance to secure a lower interest rate in the hopes of paying less interest over the life of their mortgage, to shorten their repayment period or to withdraw equity from their homes. With mortgage refinance rates continuing to hold at historic lows, homeowners can have the best of both worlds, securing a lower interest rate and interest savings even if they don’t change their repayment terms.
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 2.750%. This is the same as last Friday.
Current 20-year fixed refinance rates
The current rate for a 20-year fixed-rate refinance is 2.750%. This is the same as last Friday.
Current 15-year fixed refinance rates
The current rate for a 15-year fixed-rate refinance is 2.250%. This is up from last Friday.
Current 10-year fixed refinance rates
The current rate for a 10-year fixed-rate refinance is 2.125%. This is the same as last Friday.
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 July 12, 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: 2.750%, down from 2.875% last week, -0.125
- 20-year fixed refinance rates: 2.750%, unchanged from last week
- 15-year fixed refinance rates: 2.250%, up from 2.125% last week, +0.125
- 10-year fixed refinance rates: 2.125%, unchanged from last week
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 July 12, 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
- Credit score
- Credit history
- Home equity
- Loan amount, loan term, and loan type
- Debt-to-income ratio
- Location of the property
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:
- 30 Year Refinance Rates
- 20 Year Refinance Rates
- 15 Year Refinance Rates
- 10 Year Refinance Rates
- 30 Year Mortgage Rates
- 20 Year Mortgage Rates
- 15 Year Mortgage Rates
- 10 Year Mortgage Rates
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.