Mortgage Refinance Rates Today Are Rising In All Terms | August 9, 2021

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Check out mortgage refinancing rates for August 9, 2021, which are up from last Friday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have increased for all terms compared to last Friday.

  • Refinancing at a fixed rate over 30 years: 2.875%, compared to 2.750%, + 0.125
  • Refinancing at a fixed rate over 20 years: 2.750%, compared to 2.500%, +0.250
  • Refinancing at a fixed rate over 15 years: 2.125%, vs. 2.000%, + 0.125
  • Refinancing at a fixed rate over 10 years: 2.125%, vs. 2.000%, + 0.125

Prices updated on August 9, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Although mortgage refinance rates today are up from last week, homeowners looking to refinance can still find interest savings. The most common 30-year rates have remained well below 3% for 25 consecutive days. Homeowners who can swing a higher monthly payment can still find a good deal with 15 or 10 year rates, which come in at a low rate of 2.125%.

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%. This is up from last Friday.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2.750%. This is up from last Friday.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.125%. This is up from last Friday.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.125%. This is up from last Friday.

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 9, 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 2.750% last week, +0.125
  • Fixed refinancing rates over 20 years: 2.750%, compared to 2.625% 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

Think it might be a good 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 just three minutes.

Prices updated on August 9, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Is Now the Right Time to Refinance?

Mortgage refinancing rates have been at historically low levels throughout the year. They are unlikely to go much lower and it is extremely possible that they will start to rise in the coming months. But low rates aren’t the only factors that determine whether it’s time to refinance your home loan.

Everyone’s situation is different, but generally it can be a good time to refinance if:

  • You will be able to get a lower interest rate than you currently have
  • Refinancing will save you money over the life of your mortgage
  • Your refinancing savings will ultimately exceed closing costs
  • You know you’ll be staying in your home long enough to recoup the costs of refinancing
  • You have enough equity in your home to avoid private mortgage insurance (PMI)

If your home is in need of major and expensive repairs, now might be a good time to refinance to take some of the equity out to pay for those repairs. Just be aware that lenders usually limit the amount you can get out of your home for a cash refinance.

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 also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s quick, easy and the whole process can be done entirely online.

Mortgage rates by type of loan

If you’re looking for lower monthly payments on an existing home, Credible can help you keep tabs on current mortgage rates and find the loan that’s right for your financial goals.

Before you jump into mortgage refinancing, be sure to check out these loan rates, which you can compare by Annual Percentage Rate (APR), as well as by interest rate:

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, and more.

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