30-year, 10-year mortgage refinance rates slide: Is it time to refinance? | Sept. 9, 2021

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Check out the mortgage refinancing rates for Sept. 9, 2021, which are trending down from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates fell for two key terms and held steady for two others.  

  • 30-year fixed-rate refinance: 2.750%, down from 2.875%, -0.125
  • 20-year fixed-rate refinance: 2.500%, unchanged
  • 15-year fixed-rate refinance: 2.000%, unchanged
  • 10-year fixed-rate refinance: 2.000%, down from 2.125%, -0.125

Rates last updated on Sept. 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Overall, refinance rates are at historic lows, with the average refinance rate across all terms sitting at just 2.313%. Homeowners looking to reduce their total interest costs while maintaining a manageable monthly payment may find 15-year refinance rates particularly appealing. They currently sit at their lowest level since February. And both 15-year and 10-year mortgage refinance rates have hovered at near-record lows since mid-July.

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 2.750%. This is down from yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.500%. This is the same as yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.000%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.000%. This is down from yesterday.

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 Sept. 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates are a mixed bag compared to this time last week.

  • 30-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.125
  • 20-year fixed refinance rates: 2.500%, the same as last week
  • 15-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125
  • 10-year fixed refinance rates: 2.000%, the same as last week

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 Sept. 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Is now a good time to refinance?

Mortgage refinance rates have been at historic lows all year. It’s unlikely they’ll go much lower and extremely possible they’ll begin to rise in the coming months. But low rates aren’t the only factors that determine whether now is a good time for you to refinance your home loan.

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

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

If your home needs significant, costly repairs it might be a good time to refinance in order to withdraw some equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take from your home in a cash-out refinance. 

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. Credible can help you compare multiple lenders at once in just a few minutes. 

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

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.

How to find the best refinance rate

Some factors that affect the refinance rate you’ll get are out of your control. But you can take several steps to ensure you secure the best refinance rate available to you. Here are some to consider.

Save for closing costs

You may be aware that it’s a good idea to save for a down payment when you’re first buying a house. Even though you can get a loan with little or no down payment, having at least a 20% down payment affords numerous advantages — including the ability to avoid PMI.

But it’s also a good idea to save up for closing costs, which — according to Freddie Mac — can average $5,000. 

Polish your credit

Just as when you bought your home, your credit score and history affect your refinance rate, so it’s a good idea to make sure your credit is in the best possible shape.

Check your credit report for any errors, such as incorrect information of duplicated accounts. Pay off as much other debt as you can to improve your debt-to-income ratio. And pay down credit card balances to reduce your credit utilization.

Comparison shop

Just as you would compare quotes from multiple vendors for an expensive home repair, you should look at loans and mortgage interest rates from multiple lenders. Each lender has its own methods for setting interest rates, so shopping around could help you find the lowest rate available to you.

In fact, getting five rate quotes could save you $3,000 over the life of your mortgage, according to a Freddie Mac survey.

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.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.