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.
View mortgage refinancing rates for February 1, 2021, which are up from last Friday. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinancing rates have increased slightly from last Friday. Today’s surge in mortgage and refinancing rates sees 15-year rates moving away from record lows set last week and increasing by 250 basis points.
- Refinancing at a fixed rate over 30 years: 2.625%, immutable
- Refinancing at a fixed rate over 20 years: 2.625%, immutable
- Refinancing at a fixed rate over 15 years: 2,000%, up 1.750%, + 0.250
Rates last updated on February 1, 2021. These rates are based on the assumptions presented here. Actual rates may vary.
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 30-year fixed rate refinancing
The current rate for a 30 year fixed rate refinance is 2.625%. It’s the same as last Friday.
Current 20-year fixed rate refinancing
The current rate for a 20 year fixed rate refinance is 2.625%. It’s the same as last Friday.
Current 15-year fixed rate refinancing
The current rate for a 15 year fixed rate refinance is 2,000%. This is up from last Friday.
You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.
Rates last updated on February 1, 2021. These rates are based on the assumptions presented here. Actual rates may vary.
How Mortgage Refinance Rates Have Changed
Today, mortgage refinancing rates are largely unchanged from the same period last week.
- Fixed refinancing over 30 years: 2.625%, the same as last week
- Fixed refinancing over 20 years: 2.625%, the same as last week
- Fixed refinancing over 15 years: 2,000%, same as last week
Think it 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 refinance lenders are offering.
Rates last updated on February 1, 2021. These rates are based on the assumptions presented here. Actual rates may vary.
The Factors Behind Today’s Refinance Rates
Current refinancing rates, like mortgage interest rates in general, are affected by many economic factors, such as unemployment figures and inflation. But your personal financial history will also determine the rates you will be offered when refinancing your mortgage.
More important economic factors
- Strength of the economy
- Inflation rate
- Use
- 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
- Deposit size
- Loan to value ratio
- Type, amount and term of loan
- Debt-to-income ratio
- Property location
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.
Borrowers can save $ 1,500 on average over the life of their loan by purchasing a single additional rate quote, and on average $ 3,000 by comparing five rate quotes, according to research 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.
Mortgage rates by type of loan
Whether you’re a first-time home buyer looking for a mortgage or looking for lower monthly payments on an existing home, Credible can help you keep tabs on current mortgage rates and find the right loan for you. your financial goals.
Don’t forget to check out these loan rates, which you can compare by annual percentage rate (APR) as well as by interest rate:
More resources on mortgage refinancing
Want to learn more about refinancing your home loan? Take a look at the following articles:
