15-Year Mortgage Refinance Rates Are a Steal for 6 Days in a Row | 25 October 2021



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 promote the products of our partner lenders who pay us for our services, all opinions are ours.

See the mortgage refinancing rates for October 25, 2021, which are mixed compared to last Friday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have remained stable for shorter repayment terms and have declined slightly for longer terms since last Friday.

  • Refinancing at a fixed rate over 30 years: 3.125%, vs. 3.250%, -0.125
  • Refinancing at a fixed rate over 20 years: 2.750%, compared to 2.875%, -0.125
  • Refinancing at a fixed rate over 15 years: 2.375%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.250%, unchanged

Prices updated on October 25, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Homeowners who have been paying off their mortgage for a while may find refinancing to a 15-year fixed rate mortgage particularly attractive today. While long-term rates have fallen since Friday, 15-year rates have held steady for six consecutive days. Refinancing a 30- or 20-year mortgage into a 15-year loan could save homeowners long-term interest and help them pay off their mortgage faster.

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing with cash, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 3.125%. This is down from last Friday. Refinancing a 30-year mortgage into a new 30-year mortgage might lower your interest rate, but might not have much of an effect on your total interest charges or your monthly payment. Refinancing a short-term mortgage to a 30-year refinance could result in a lower monthly payment, but higher total interest charges.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2.750%. This is down from last Friday. By refinancing a 30-year loan to a 20-year refinance, you could earn a lower interest rate and lower total interest charges over the life of your mortgage. But you can get a higher monthly payment.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.375%. It’s the same as last Friday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest charges and maintaining a reasonable monthly payment.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.250%. It’s the same as last Friday. Refinancing over 10 years will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a larger monthly mortgage payment.

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

Prices updated on October 25, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

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

Do you think this might be a good time to refinance? To understand how much you could save on monthly mortgage payments by refinancing now, calculate the numbers and compare rates using Credible’s free online tool. In a matter of minutes, you can see what many mortgage lenders are offering.

Prices updated on October 25, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Is Now a Good Time to Refinance?

Mortgage refinancing rates have been at historically low levels throughout the year. They are unlikely to go much lower and it is extremely possible that they will start to rise in the coming months. But low rates aren’t the only factors that determine whether it’s time to refinance your home loan.

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

  • You may 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 refinancing savings will ultimately exceed the closing costs.
  • You know you will be staying in your home long enough to recoup the costs of refinancing.
  • You have enough equity in your home to avoid private mortgage insurance (PMI).

If your home is in need of major and expensive repairs, now might be a good time to refinance to take some of the equity out to pay for those repairs. Just be aware that lenders usually limit the amount you can get out of your home for a cash refinance.

How To Get Your Lowest Mortgage Refinance Rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt could guarantee you a lower rate. It is also a good idea to compare the rates of different lenders if you are hoping to refinance, in order to find the best rate for your situation.

According to a study by Freddie mac.

Be sure to shop around and compare the rates of several 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 just three minutes.

How does Credible calculate the refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the evolution of mortgage refinancing rates. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage refinancing rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

What is the average cost of refinancing?

Refinancing a mortgage can generate significant interest savings over the life of a loan. But not all of these savings are free. In general, you will encounter costs – $ 5,000 on average, depending on Freddie mac – when refinancing your mortgage.

Your exact refinancing costs will depend on several factors, including your loan amount and where you live. Typical refinancing costs include:

  • The cost of registering your new mortgage
  • Assessment fees
  • Lawyer fees
  • Lender fees, such as origination or underwriting
  • Title service fee
  • Credit file fees
  • Mortgage points
  • Prepaid interest charges

Keep in mind that no-cost refinancing does not exist. Lenders who market “no-fee loans” typically charge a higher interest rate and build the costs into the loan, which means you’ll pay more interest over the life of the loan.

Credible is also a partner of a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.


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