Expand / Collapse search
☰

Opportunity's knocking: Mortgage refinance rates close week at 2.500% average | July 16, 2021

By Chris Jennings
Published  July 16, 2021 11:46am 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.

7e0adde6-cred_nologo1.jpg

Check out the mortgage refinancing rates for July 16, 2021, which are mostly unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have held near record-lows, with 15-year rates dropping again.

  • 30-year fixed-rate refinance: 2.750%, unchanged
  • 20-year fixed-rate refinance: 2.750%, unchanged
  • 15-year fixed-rate refinance: 2.250%, down from 2.375%, -0.125
  • 10-year fixed-rate refinance: 2.250%, unchanged

Rates last updated on July 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

This week, mortgage refinance rates dropped to their lowest levels for the month so far. Throughout July, 15-year fixed rates have been particularly volatile, spiking to 2.375% yesterday before dropping back down today. It’s worth watching 15-year rates — the combination of a shorter term and low rate is an opportunity for homeowners to grab interest savings while still holding down monthly payments.

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 yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.750%. This is the same as yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.250%. This is down from yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.250%. 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 July 16, 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 either risen or remained the same, depending on the term, compared to this time last week.

  • 30-year fixed refinance rates: 2.750%, unchanged from last week
  • 20-year fixed refinance rates: 2.750%, unchanged from last week
  • 15-year fixed refinance rates: 2.250%, up from 2.000% last week, +0.250
  • 10-year fixed refinance rates: 2.250%, up from 2.125% 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 July 16, 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.

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.