Today’s best mortgage refinance deal? View 15-year rates
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Based on data compiled by Credible, mortgage refinance rate increased for three key rates and stable for a fourth since yesterday.
Rates were last updated on February 15, 2022. These rates are based on the assumptions presented here. Actual rates may vary.
If you’re considering doing a cash refinance or refinancing your home loan to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.
What does that mean: After opening the week down slightly from the prior week’s peak, mortgage refinance rates rebounded today. Homeowners who need to lock in a refinance rate today can consider a 15-year refinance. While the monthly payments for the shorter repayment term are likely to be higher, the 15-year rates held steady today at a savings rate of 3.250%. A 15-year rate could allow homeowners to realize significant interest savings while paying off their mortgage more quickly.
WHAT IS CASH-OUT REFINANCING AND HOW DOES IT WORK?
How mortgage rates have changed over time
Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.
The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates.
If you’re ready to take advantage of today’s mortgage refinance rates that are below average historical lows, you can use Credible to check rates from multiple lenders.
How to get your lowest mortgage refinance rate
If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt, you could guarantee 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.
According to a study by Freddie Mac.
Be sure to shop around and compare current mortgage rates from several mortgage lenders if you decide to refinance your mortgage. You can do it easily with Credible’s free online tool and view your pre-qualified rates in just three minutes.
How does Credible calculate refinance rates?
Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage refinance rates move. Credible’s average mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.
The credible mortgage refinance rates listed here will only give you an idea of today’s average rates. The rate you receive may vary depending on a number of factors.
Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do it easily with Credible and view your pre-qualified rates in just three minutes.
Types of Mortgage Refinance Loans
If you are considering refinancing your mortgage, you can choose from several types of refinance loans.
Do you have a financial question, but you don’t know who to contact? Email The Credible Money Expert at [email protected] and your question may be answered by Credible in our Money Expert section.
As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.