10-year and 15-year mortgage refinancing rates hit 22nd straight day at near-record lows | August 18, 2021

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Our goal here at Credible Operations, Inc., NMLS 1681276, hereinafter referred to as “Credible”, is to provide you with the tools and confidence you need to improve your finances. Although we promote the products of our lender partners who compensate us for our services, all opinions are ours.

Check out mortgage refinancing rates as of August 18, 2021, which have been mixed since yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinancing rates have risen slightly for longer maturities and have been held at near-record lows for shorter maturities.

  • 30 year fixed refinancing rates: 2.875%, up from 2.750%, +0.125
  • 20-year fixed refinancing rates: 2.625%, up from 2.500%, +0.125
  • Fixed refinancing rates for 15 years: 2.125%, no change
  • 10-year fixed refinancing rates: 2.125%, no change

Rates were last updated on August 18, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

Since July 19, average rates on 10-year and 15-year refinances have remained below 2.250%. Record low year – 2,000%. Refinancing into one of these short-term mortgages can save homeowners thousands of dollars in interest payments over the term of their new mortgage – and allow them to get out of mortgages faster.

If you think about mortgage refinancing, consider using Credible. If you are interested in saving money on your monthly mortgage payments or are considering refinancing with cash payments, Free online tool Credible will allow you to compare rates from multiple mortgage lenders. You can see the pre-qualification in just three minutes.

Current 30-year fixed refinancing rates

The current 30-year fixed rate refinancing rate is 2.875%. It was yesterday.

Current 20-year fixed refinancing rates

The current 20-year fixed rate refinancing rate is 2.625%. It was yesterday.

Current fixed refinancing rates for 15 years

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

Current 10-year fixed refinancing rates

The current 10-year fixed rate refinancing rate is 2.125%. This is the same as yesterday.

You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check plausibility and pre-qualify today.

Rates were last updated on August 18, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

How the mortgage refinancing rates have changed

Today mortgage refinancing rates are basically the same as last week.

  • 30 year fixed refinancing rates: 2.875% same as last week
  • 20-year fixed refinancing rates: 2.625%, up from 2.750% last week, -0.125
  • Fixed refinancing rates for 15 years: 2.125% same as last week
  • 10-year fixed refinancing rates: 2.125% same as last week

Do you think now is the right time to refinance? You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check plausibility and pre-qualify today.

Rates were last updated on August 18, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

What is the average cost of refinancing?

Refinancing your mortgage can bring significant interest savings over the life of the loan. But all these savings are not free. Typically, you will run into costs – an average of $ 5,000, according to Freddie Mac – when refinancing a mortgage.

Your exact refinancing costs will depend on many factors, including the size of your loan and where you live. Typical refinancing costs include:

  • The cost of registering your new mortgage
  • Evaluation fee
  • Legal costs
  • Lender fees such as clearance or underwriting
  • Title services fees
  • Credit Report Fee
  • Mortgage points
  • Prepayment of interest

Keep in mind that there is no truly free refinance. Lenders who sell “free loans” usually charge a higher interest rate and include the costs in the loan, which means that you will pay more interest over the life of the loan.

How To Get The Lowest Mortgage Refinancing Rate

If you are interested in refinancing your mortgage, improve your credit rating and pay off any other debt. provide you with a lower rate… It’s also a good idea to compare rates from different lenders if you’re hoping to refinance to find the best rate for your situation.

According to research from 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 review and compare rates from multiple mortgage lenders. You can it’s easy to do it with the free online tool Credible and you will see your preliminary bids in just three minutes.

Credible also works with a home insurance broker. You can compare for free home insurance quotes through partner Credible here… It’s fast, easy, and the entire process can be done completely online.

What are the reasons for refinancing?

The situation of each borrower is different, but here are some good reasons to refinance.

  • To get a lower interest rate. A lower interest rate can mean that you will pay less interest over the life of the mortgage – provided that you refinance for a shorter term as well.
  • To shorten the maturity. If your ultimate goal is to get rid of your mortgage one day, shortening your repayment period can help you get there sooner.
  • To reduce interest expenses over the term of the loan. Interest can make up a significant portion of the total cost of your mortgage. For example, if you practice $ 250,000 at 3.5% for 30 years, your total interest expense is $ 154,140. Refinancing at 2.75% over the same maturity period can save you $ 36,723 in interest payments.
  • Withdraw equity in cash. This type of refinancing, known as cash-to-cash refinancing, allows you to get a new mortgage in excess of your old debt and get the difference in cash. The equity in your home provides additional cash that you can use to improve your home, renovate, or other needs.
  • Get a flat rate mortgage. If you have taken out an adjustable rate mortgage, the very low initial interest rate can be reset to a much higher one at the end of the initial period. And after that, your rate may change depending on market conditions. Many homeowners with ARM are looking to refinance fixed rate mortgages that can guarantee secure payment at a predictable rate.

Conversely, some of the reasons for refinancing are less than compelling.

  • Use your home equity to pay off unsecured debts such as a car loan or credit card. If your interest rate on these types of loans is high and you can get a really low mortgage refinancing rate, you might be thinking, “Why not?” But unsecured debts like personal loans or credit cards, and even a secured car loan, don’t put your home at risk. Paying off these debts by refinancing your mortgage loan turns these unsecured debts into debt secured by your home.
  • Use equity capital for investment. Using home equity to invest puts your home at risk, which is already risky. Investing does not provide any guarantees of return. Meanwhile, paying off your mortgage and preserving your capital will have a positive effect on your credit and finances.
  • Use capital for a major purchase. If you have accumulated capital in your home, it might be tempting to use it to get money for luxury items like a big trip, a motor home, or even cosmetic surgery. But think carefully before doing cash refinancing for these reasons. Refinanced mortgages are long term debt.

Have a financial question but don’t know who to contact? Email a Credible Money expert at moneyexpert@credible.com and Credible can answer your question in our Money Expert column.

As a respected mortgage and personal finance professional, Chris Jennings has covered topics such as mortgage loans, mortgage refinancing and more. He has been an editor and assistant editor for personal finance on the Internet for four years. His work has been featured by MSN, AOL, Yahoo Finance and others.

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