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Based on data compiled by Credible, mortgage refinance rates have risen for 30-year, 15-year, and 10-year terms since yesterday. Meanwhile, rates for a 20-year refinance held steady for the ninth straight day. 

  • 30-year fixed-rate refinance: 3.125%, up from 2.940%, +0.185
  • 20-year fixed-rate refinance: 2.750%, unchanged
  • 15-year fixed-rate refinance: 2.375%, up from 2.250%, +0.125
  • 10-year fixed-rate refinance: 2.250%, up from 2.125%, +0.125

Rates last updated on Nov. 4, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

For the first time this week, rates for a 30-year mortgage refinance bumped up above 3%. Homeowners who act now can still secure a bargain ahead of expected increases and save on interest over the life of their loan. Once again, a 20-year refinance offers a great opportunity for homeowners to enjoy interest savings while keeping a relatively low monthly payment. Rates for this term have remained at 2.750% for nine days. 

Whether you’re interested in saving money on your monthly mortgage payments, or considering a cash-out refinance, Credible’s free online tool lets you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

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. 4, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 3.125%. This is up from yesterday. 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 yesterday. 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 2.375%. This is up from yesterday. 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 2.250%. This is up from yesterday. A 10-year refinance will help you may off your mortgage sooner and maximize your interest savings. But you could also end up with a bigger monthly mortgage payment.

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.

Rates last updated on Nov. 4, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What drives today’s refinance rates?

Mortgage refinance rates move with market factors, such as unemployment numbers and inflation.

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

While big-picture conditions influence available rates, your personal financial history drives what rates you might be offered when you apply for a mortgage refinance.

Personal economic factors

  • Credit score
  • Credit history
  • Home equity
  • Loan amount, loan term, and loan type
  • Debt-to-income ratio
  • Location of the property

How to get the best mortgage refinance rates

You can’t control the market conditions that influence mortgage refinance rates. But you can take steps to maximize your chances of getting the best available rate. Before you refinance, try these steps.

1. Care for your credit

Check your credit report and score so you know what potential lenders will see. Correct any errors you find on your credit report. Keep paying all your bills on time and in full — positive payment history goes a long way toward elevating your credit score.

2. Pay down other debts

Your debt-to-income ratio was important when you took out your original mortgage, and it’s just as important when you refinance. Reducing your DTI will help improve your overall credit standing — plus it can free up more money to put toward paying down the principal when you refinance your mortgage.

3. Consider a shorter term

You might have taken a 30-year mortgage to ensure you got a lower monthly payment. But if you’re now able to swing a higher monthly payment, consider refinancing into a shorter term. Mortgage refinance loans with 10- and 15-year repayment terms generally have lower interest rates.

4. Comparison shop

If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. Comparison shopping can help you find the best rate and repayment term available to you. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.

More from Credible:

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] 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.

About the author
Andrew Pentis
Andrew Pentis

Andrew Pentis is Credible’s Editor-in-Chief.

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