Looking to refinance? Check out the latest drop in 20-year mortgage refinance rates | August 17, 2021


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Check out the mortgage refinancing rates for August 17, 2021, which are largely unchanged from yesterday. (iStock)

Based on data compiled by Credible, 20-year mortgage refinance rates fell even lower since yesterday, while rates across other terms held at historic lows. 

  • 30-year fixed-rate refinance: 2.750%, unchanged
  • 20-year fixed-rate refinance: 2.500%, down from 2.625%, -0.125
  • 15-year fixed-rate refinance: 2.125%, unchanged
  • 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on August 17, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates across all repayment terms remain a bargain for homeowners. But today’s dip in 20-year rates might be particularly appealing to borrowers focused on lowering their overall interest costs while maintaining a low monthly mortgage payment. For example, refinancing $250,000 for 20 years at 2.500% would yield a monthly payment of around $1,325.

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.

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Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.500%. This is down from yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.125%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. 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 August 17, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates are mixed compared to this time last week.

  • 30-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.125
  • 20-year fixed refinance rates: 2.500%, down from 2.625% last week, -0.125
  • 15-year fixed refinance rates: 2.125%, the same as last week
  • 10-year fixed refinance rates: 2.125%, the same as last week

If you think refinancing is the right move, consider using Credible. You can use Credible’s free online tool to easily compare multiple mortgage refinance lenders and see prequalified rates in as little as three minutes.

Rates last updated on August 17, 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.

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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 is also partnered with a home insurance broker. If you’re looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it’s fast, easy and the whole process can be completed entirely online.

Is now a good time to refinance?

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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. 

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.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.


View more information: https://www.foxbusiness.com/personal-finance/todays-mortgage-refinance-rates-august-17-2021

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