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Check mortgage refinancing rates for December 28, 2020, which have not changed since last week. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinancing rates continue to hover at historic lows, remaining at the 30-year fixed rate and the 15-year fixed rate remaining stable since the time of last week.
- 30-year fixed rate refinancing: 2.625%, unchanged
- 20-year fixed rate refinancing: 2.625%, above 2.500%, + 0.125
- 15-year fixed rate refinancing: 2.125%, unchanged
Rates last updated on December 28, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
If you are considering refinancing your home mortgage, consider using Credible. Whether you’re interested in saving money on your monthly mortgage payments or considering a withdrawal refinance, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see pre-qualified rates in just three minutes.
Current 30-year fixed rate refinancing
The current rate for a 30-year fixed rate refinancing is 2.625%. This is the same time as last week.
Current 20-year fixed rate refinancing
The current rate for a 20-year fixed rate refinancing is 2.625%. This is the time of last week.
Current 15-year fixed rate refinancing
The current rate for a 15-year fixed rate refinancing is 2.125%. This is the same period as last week.
You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check out Credible and be pre-qualified today.
Rates last updated on December 28, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
The factors behind today’s refinancing rates
Current refinancing rates, like mortgage interest rates in general, are affected by many economic factors, such as unemployment numbers and inflation. But your personal financial history will also determine the rates offered when refinancing your mortgage.
Major economic factors
- Economy strength
- Inflation rates
- Job
- Consumer spend
- Housing construction and other market conditions
- Stock and bond markets
- 10-year Treasury yields
- Federal Reserve Policies
Personal economic factors
- Credit score
- Credit history
- Down payment size
- Loan-to-value ratio
- Loan type, size and term
- Debt / income ratio
- Property location
How to get the lowest mortgage refinancing rate
If you are interested in refinancing your mortgage, improving your credit score and paying off any other debt can guarantee a lower rate. It is also a good idea to compare the rates of different lenders if you plan to refinance, so that you can find the best rate for your situation.
Borrowers can save $ 1,500 on average over the life of the loan by buying just one additional rate quote, and an average of $ 3,000 when comparing five rate quotes, according to Freddie Mac research. Credible can help you to compare multiple creditors at the same time in just minutes.
If you decide to refinance your mortgage, be sure to research and compare the rates of several mortgage lenders. You can do this easily with Credible’s free online tool and see your pre-qualified rates in just three minutes.
Credible also has a partnership with 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 insurance quotes with the best ratings in your area – it’s quick, easy and the entire process can be completed entirely online.
Mortgage rates by type of loan
Whether you are a home buyer for the first time looking for mortgage loans or are looking for lower monthly payments on an existing home, Credible can help you find the right mortgage for your financial goals.
Be sure to check these loan rates, which you can compare at the annual percentage rate (APR), as well as the interest rate:
More resources to refinance mortgages
Want to learn more about how to refinance your home loan? Take a look at the following articles: