Today's refinance rates stall, give homeowners more time to save | Nov. 16, 2021

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

ccc38d3f-cred_nologo1-4.jpg

Check out the mortgage refinancing rates for Nov. 16, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates remained unchanged compared to yesterday.

  • 30-year fixed-rate refinance: 3.125%, unchanged
  • 20-year fixed-rate refinance: 2.875%, unchanged
  • 15-year fixed-rate refinance: 2.375%, unchanged
  • 10-year fixed-rate refinance: 2.375%, unchanged

Rates last updated on Nov. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates held steady across all terms for the second day in a row, and 30-, 20- and 15-year rates haven’t changed in four days. Stabilized rates mean homeowners still have time to lock in a low rate ahead of any further increases. Rates across all terms are higher than they were this time last week, and mortgage experts have predicted slow but steady rate increases through the end of the year. Homeowners who refinance now can still save on mortgage interest over the life of their loan.

mortgage-refi-graph-1-111621.jpg

These rates are based on the assumptions shown here. Actual rates may vary.

If you’re thinking of refinancing your home mortgage, consider using Credible. Whether you're interested in saving money on your monthly mortgage payments or considering a cash-out refinance, Credible's free online tool will let you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 3.125%. This is the same as yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage could lower your interest rate, but may not have much effect on your total interest costs or monthly payment. Refinancing a shorter term mortgage into a 30-year refinance could result in a lower monthly payment but higher total interest costs.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.875%. This is the same as yesterday. By refinancing a 30-year loan into a 20-year refinance, you could secure a lower interest rate and reduce total interest costs over the life of your mortgage. But you may get a higher monthly payment.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.375%. This is the same as yesterday. A 15-year refinance could be a good choice for homeowners looking to strike a balance between lowering interest costs and retaining a manageable monthly payment.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.375%. This is the same as yesterday. A 10-year refinance will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a bigger monthly mortgage payment.

You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

Rates last updated on Nov. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What are the different types of refinancing?

Refinancing your mortgage basically means you take out a new mortgage to pay off your current home loan. But your reasons for wanting to refinance can affect the type of mortgage refinance you choose.

Here are four types of refinancing to consider.

Rate and term refinance

This type of refinance is probably what many people think of when they consider refinancing their mortgages. As the name implies, a rate and term refinance changes the rate, repayment period — or both — of your current mortgage by paying it off and replacing it with a new mortgage. With a rate and term refinance, you would borrow exactly the amount you need to pay off your current mortgage.

Cash-out refinance

Like a rate and term refinance, a cash-out refinance may change the rate, term or both. But with this type of refinance, you borrow more than you need to pay off your current loan and take that balance as cash. This is only possible if you have sufficient equity built up in your home.

Cash-in refinance

As with other types of refinancing, a cash-in refinance replaces your current mortgage with one that has a different interest rate and/or term. But for your new loan, you’ll also make a lump sum payment to reduce the principal balance on your new mortgage. Of course, if you have the money to make a lump sum payment, you could just pay extra toward the principal on your current loan. But making this payment in connection with a refinance allows you to reap the interest savings that can come with refinancing.

FHA streamline refinance

This type of refinancing is only available for people who have FHA mortgages. It offers the same basic benefits as other types of refinancing but requires less paperwork. Some limitations apply. For example, you can’t be behind on your current mortgage, and you can’t cash out more than $500.

How to get your lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure 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.

Borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research from Freddie Mac.

Be sure to shop around and compare rates from multiple mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage refinance rates. Credible average mortgage refinance rates 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. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage refinance rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

Can you negotiate refinance rates?

Negotiation is often possible in real estate transactions, and you may be able to work with your lender to negotiate a lower refinance rate.

Having a good to excellent credit score, low debt-to-income ratio and good income may help in negotiations. Being open to compromise may also help. For example, your lender may agree to a lower interest rate if you’re willing to pay mortgage discount points up front.

The best way to ensure you get the lowest possible interest rate is to compare rates and loans from multiple mortgage lenders.

Credible is also partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it's fast, easy and the whole process can be completed entirely online.

Think it might be the right time to refinance? To understand just how much you could save on monthly mortgage payments by refinancing now, crunch the numbers and compare rates using Credible's free online tool. Within minutes, you can see what multiple mortgage lenders are offering.

Rates last updated on Nov. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.