Today's mortgage refinance rates drop for 3 terms | Nov. 1, 2021

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Based on data compiled by Credible, current mortgage refinance rates fell for three key terms since last Friday, and one term remained unchanged.

• 30-year fixed-rate refinance: 2.940%, down from 3.125%, -0.185
• 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: 2.125%, down from 2.250%, -0.125

Rates last updated on Nov. 1, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates have been steadily creeping up for most of October, but rates dropped for 30-year, 15-year and 10-year rates on the first day of November. Mortgage experts have predicted that rates will continue to rise in the final months of 2021, but homeowners still have a chance to lock in one of today’s lower rates and save on interest whether they choose to refinance into a longer or shorter term.

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 2.940%. This is down from last Friday. Refinancing a 30-year mortgage into a new 30-year mortgage could lower your interest rate, but may not have much effect on your total interest costs or monthly payment. Refinancing a shorter term mortgage into a 30-year refinance could result in a lower monthly payment but higher total interest costs.

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. By refinancing a 30-year loan into a 20-year refinance, you could secure a lower interest rate and reduced total interest costs over the life of your mortgage. But you may get a higher monthly payment.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.250%. This is down from last Friday. A 15-year refinance could be a good choice for homeowners looking to strike a balance between lowering interest costs and retaining a manageable monthly payment.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is down from last Friday. A 10-year refinance will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a bigger monthly mortgage payment.

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 Nov. 1, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

These rates are based on the assumptions shown here. Actual rates may vary.

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 Nov. 1, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Is now a good time to refinance?

Mortgage refinance rates have been at historic lows all year. It’s unlikely they’ll go much lower and extremely possible they’ll begin to rise in the coming months. But low rates aren’t the only factors that determine whether now is a good time for you to refinance your home loan.

Everyone’s situation is different, but generally, it may be a good time to refinance if:

• You’ll be able to get a lower interest rate than you currently have.
• Refinancing will save you money over the life of your home loan.
• Your savings from refinancing will ultimately exceed closing costs.
• You know you’ll be staying in your home long enough to recoup the costs of refinancing.
• You have sufficient equity in your home to avoid private mortgage insurance (PMI).

If your home needs significant, costly repairs it might be a good time to refinance in order to withdraw some equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take from your home in a cash-out refinance.

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.

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

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage refinance rates. Credible average mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage refinance rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

How to find the best refinance rate

Some factors that affect the refinance rate you’ll get are out of your control. But you can take several steps to ensure you secure the best refinance rate available to you. Here are some to consider.

Save for closing costs

You may be aware that it’s a good idea to save for a down payment when you’re first buying a house. Even though you can get a loan with little or no down payment, having at least a 20% down payment affords numerous advantages — including the ability to avoid PMI.

But it’s also a good idea to save up for closing costs, which — according to Freddie Mac — can average $5,000.

Polish your credit

Just as when you bought your home, your credit score and history affect your refinance rate, so it’s a good idea to make sure your credit is in the best possible shape.

Check your credit report for any errors, such as incorrect information of duplicated accounts. Pay off as much other debt as you can to improve your debt-to-income ratio. And pay down credit card balances to reduce your credit utilization.

Comparison shop

Just as you would compare quotes from multiple vendors for an expensive home repair, you should look at loans and mortgage interest rates from multiple lenders. Each lender has its own methods for setting interest rates, so shopping around could help you find the lowest rate available to you.

In fact, getting five rate quotes could save you $3,000 over the life of your mortgage, according to a Freddie Mac survey.

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.

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.