Today’s 20-Year Mortgage Refinance Rate Declines, Others Hold | August 10, 2021

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View mortgage refinancing rates for August 10, 2021, which are largely unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates are virtually unchanged from yesterday, with the exception of 20-year rates, which have declined.

  • Refinancing at a fixed rate over 30 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.625%, compared to 2.750%, -0.125
  • Refinancing at a fixed rate over 15 years: 2.125%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.125%, unchanged

Prices updated on August 10, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Today’s 20-year mortgage refinance rates have fallen to 2.625%. While not the lowest this term has seen in August – 20-year rates were previously held at 2.500% for four days before climbing to 2.750% yesterday – homeowners wanting to save on interest while keeping their monthly payments manageable might still find this term appealing. Meanwhile, the 30-year, 15-year and 10-year rates were unchanged from yesterday.

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 2.875%. It’s the same as yesterday.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2.625%. This is down from yesterday.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.125%. It’s the same as yesterday.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.125%. It’s the same as yesterday.

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 August 10, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

How Mortgage Refinance Rates Have Changed

Today, mortgage refinance rates have increased compared to the same period last week.

  • Fixed refinancing rates over 30 years: 2.875%, compared to 2.625% last week, +0.250
  • Fixed refinancing rates over 20 years: 2.625%, compared to 2.500% last week, +0.125
  • Fixed refinancing rates over 15 years: 2.125%, compared to 2.000% last week, +0.125
  • Fixed refinancing rates over 10 years: 2.125%, compared to 2.000% last week, +0.125

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 August 10, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

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. Typically, you will face costs – on average $ 5,000, 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.

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’s also a good idea to compare the rates of different lenders if you are hoping to refinance to find the best rate for your situation.

According to a study by Freddie mac. Credible can help you compare multiple lenders at once in just a few minutes.

If you do decide to refinance your mortgage, be sure to shop around and compare the rates of several mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

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 the top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Are there any downsides to refinancing?

Refinancing a mortgage can be a good way to lower interest charges over the life of a loan, shorten your repayment term, or get a lower interest rate. But refinancing also presents potential pitfalls.

Refinancing may cost you more than you save if:

  • You are refinancing for a longer repayment term than your original mortgage. Longer repayment terms usually mean lower monthly payments, but higher interest rates and higher interest charges over the life of a loan. To get the most out of refinancing, try refinancing for a shorter term than what you have on your current mortgage.
  • You sell your home before you reach the breakeven point on your new loan. Like your original mortgage, your refinancing will come with closing costs. And it will take some time before your savings amount to as much as your closing costs.

Having said that, the downside that you need to consider first is the closing costs. You will have to finance them out of pocket or integrate them into the loan (which increases its lifetime costs). Closing costs are typically 3% to 5% – or more – of the amount you borrow. So if you want to refinance your $ 200,000 loan to get a lower interest rate, you will have to pay around $ 6,000 to $ 10,000 in closing costs.

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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