The current mortgage and refinancing rates will not change this week. Understand why


Content provided by Credible Operations, Inc. NMLS No. 1681276, “Credible”. Not available in all states.

From this time last week new mortgage rates are falling, as demand for short-term loans decreases, and 30- and 15-year refinancing rates for existing homeowners are down.

Current mortgage refinancing rates as of July 13, 2021

This week’s mortgage rates reflect the changing needs of buyers. While real estate investors swooped down on short-term loans at the start of the pandemic, traditional homeowners are opting for refinancing packages that fit their needs, clearly favoring loans of 30 and 15 years.

To this end, today’s refinancing rates have not changed.

  • 30 year fixed refinancing rates: 2.750%, unchanged from yesterday

  • 20-year fixed refinancing rates: 2.750%, unchanged during the night

  • Fixed refinancing rates for 15 years: 2.250%, unchanged during the night

  • 10-year fixed refinancing rates: 2.125%, unchanged from yesterday

Rates were last updated on July 13, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

Be sure to review and compare rates with multiple lenders if you decide to refinance. You can easily do this with Free online tool Credible and watch preliminary bids in just three minutes.

window.credibleAsyncInit = function () {// # credible-rate-table is the div selector on the partner site // where they want the Credible rate table to be inserted into the CredibleSDK.initWidget (‘# credible-rate-table ‘, {// By default we are loading the widget from a production environment, so the nextoption is commented out. Note that the possible values ​​for the environment include:’ production ‘or’ stage ‘. // environment:’ production ‘, // This is the widget’s configuration, partner, you can specify the marketplace, type and variant for the product-widget: {marketplace: ‘mortgage-combined’, type: ‘rate table’, variant: ‘interactive’}, ui: {scrollTopPad: 50}, analytics: {// The “source” value will be converted to “utm_source” when the user clicks on the CTA of the widget. This parameter is optional. // source: ‘example-source’, uniqueId: ‘cae47e7e-701a-5bcf-bcf0-a71aeff5341f’}, / / Additional data to send to event tracking meta: {contentId: ‘cae47e7e-701a-5bc f-bcf0-a71aeff5341f ‘, articleTitle: “Lower interest rates”, art icleTags:’ / FINANCE / MONEY / PERSONAL WEALTH, / GLOBAL NEWS ‘, segmentId:’ a189e5b6-7796-4b77-9663-26b47a1c34e8 ‘}, // Here the partner can provide a unique identifier for the user, page, or other value. // uniqueId: ‘example-uniqueId’, // Optional callback that will be called if present when the widget is inserted into the DOM onWidgetInit: function () {}, // Optional callback that will be called if during phase of rendering the widget onWidgetError: function () {},}); // # credible-rich-cta is the selector div on the partner site // where they want the Rich CTA Credible to be inserted into the CredibleSDK.initWidget (‘# credible-rich-cta’, {product: {marketplace: ‘mortgage- combined ‘, type:’ rich-cta ‘, variation:’ interactive ‘},}); }; Current mortgage rates for [Month Day, Year]

Like today’s refinancing rates, the current mortgage rates remain unchanged.

  • 30 year fixed mortgage rates: 2.875%, unchanged at night

  • Fixed rates on mortgages for 20 years: 2.625%, not moved since yesterday

  • Fixed rates on mortgages for 15 years: 2.000%, no change during the night

  • 10 year fixed mortgage rates: 2.000%, unchanged from yesterday

Rates were last updated on July 13, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

This cannot be said enough – investors are waiting for the economic recovery. In addition, the demand for loans changes every day. Keep in mind that some regions of the country fluctuate at different times, which leads to higher rates on some loans and lower rates on others.

How to qualify for a lower mortgage rate

Many factors affect the mortgage rate and the terms the lender can offer you. Lenders will consider the following factors:

  • Your credit ratings and credit history

  • How much do you want to borrow

  • The maturity you are looking for

  • What is your initial payment

  • Your income

  • Other factors

Fortunately, you can take steps to become as attractive as possible to potential lenders – and get the best mortgage rate available to you:

  1. Pay off your debts. Reducing other debt before applying for a mortgage can help improve your credit rating by decreasing your debt-to-income ratio. It can also help ensure that you have enough disposable income to be able to make your monthly mortgage payment.

  2. Choose a shorter period. Ten and 15 year mortgages tend to have the lowest interest rates. This is because a shorter term means less risk for lenders. If you can increase your monthly payment, a shorter term can mean a lower interest rate and greater savings in interest throughout the life of the loan.

  3. Put as much as you can. Lenders – and many sellers – would like to see a down payment of at least 20% (more if you can). A higher down payment can help you get a lower rate, differentiate you from other buyers, and help avoid expensive private mortgage insurance (PMI) insurance.

  4. Check out our programs for aspiring homebuyers. There are federal and state programs that help newbies with down payments, closing accounts, lowering interest, and more. Some even offer grants.

  5. Maintain your income. Try not to change jobs or quit before applying for a mortgage.

  6. Consider mortgage points. Mortgage points are the closing costs that you pay the lender upfront in exchange for a lower interest rate. While points may seem like a big hit at first, a lower interest rate can lead to significant savings in interest over the life of the mortgage.

Mortgage interest rate forecast

Mortgage rates are closely tied to the federal funds rate – banks with an interest rate charge each other a loan or loan of their excess reserves overnight. The Federal Reserve System sets a target rate that banks must follow.

When the economy is not doing well, the Fed can cut rates, and mortgage rates usually fall as well as it becomes cheaper for lenders to lend. As the economy improves, the Fed could raise rates to try to contain inflation, and mortgage rates could rise.

While no one can predict exactly how mortgage rates will behave, this federal funds rate and inflation are some of several key metrics that experts can take into account when making forecasts. Researchers from Mortgage Bankers Association, Freddie Mac as well as Fannie Mae everyone predicts – to one degree or another – an increase in mortgage rates throughout 2021.

But keep in mind that average rates are not a guarantee of what rate you can qualify for when applying for a mortgage. Your credit rating, down payment amount, income, and many other factors will also play a role.

For your next home purchase, consider using Credible. you can check current mortgage rates from all our partner credit institutions without affecting your credit rating. Our free online tool is safe and easy to use, and it only takes a few minutes to pre-qualify.

What causes fluctuations in mortgage rates?

  • Inflation – Inflation is invincible, but it ebbs and flows with the economy. For example, housing prices in the current market are overpriced due to low interest rates, but inflation in a year will simply cause prices to rise along with the price of the dollar.

  • Economic conditions – Yes, the COVID-19 pandemic has caused massive growth in the real estate market, but an economic recovery could lead to higher interest rates and a slower real estate rush.

  • Federal Reserve System. Although the Fed can change rates at any time, economists believe that the rate change will only happen after the economy begins to recover.

  • Cost to set up – At some point, mortgage lenders will need to lower their set up costs in order to attract new business. Most likely, this will not happen until the current rush in the real estate market ends.

  • Your own financial / credit history. Everyone should do whatever they can to pay off debt, improve debt-to-income ratio, and raise their credit score. If you need help, the lender can run the simulator and help you figure out what needs to be done to raise your account to the level you want.

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© 2021 Benzinga does not provide investment advice. All rights reserved.

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