Fixed Mortgage Refinance Rates Mean Homeowners Still Have Time to Save | December 21, 2021

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View mortgage refinancing rates for December 21, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have remained stable since yesterday.

  • Refinancing at a fixed rate over 30 years: 3.125%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.250%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.250%, unchanged

Prices last updated on December 21, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Mortgage refinance rates have remained unchanged today, leaving the savings window open a little longer for homeowners considering refinancing. But experts are largely predicting rate hikes to come in 2022. Homeowners looking to lower their interest charges while maintaining a manageable monthly payment may find 20-year rates particularly attractive today – the average rate for that. duration was maintained at 2.875% for 11 days.

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

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing with cash, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 3.125%. It’s the same as yesterday. Refinancing a 30-year mortgage to a new 30-year mortgage might lower your interest rate, but might not have much of an effect on your total interest charges or your monthly payment. Refinancing a short-term mortgage to a 30-year refinance could result in a lower monthly payment, but higher total interest charges.

Current fixed refinancing rates over 20 years

The current rate for a 20 year fixed rate refinance is 2.875%. It’s the same as yesterday. By refinancing a 30-year loan to a 20-year refinance, you could earn a lower interest rate and reduce your total interest charges over the life of your mortgage. But you can get a higher monthly payment.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.250%. It’s the same as yesterday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest charges and maintaining a reasonable monthly payment.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.250%. It’s the same as yesterday. Refinancing over 10 years will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a larger monthly mortgage payment.

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

Prices last updated on December 21, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

When is it worth refinancing?

Refinancing a mortgage can be a great way to save money. But it’s not always the best decision for every owner.

People refinance for a number of reasons, including getting a lower interest rate, changing their monthly payment amounts, and lowering their interest charges. As a rule of thumb, if you can reduce your interest rate by at least 0.75%, refinancing can be a good idea.

Here’s an example of how refinancing can save you money: If you refinance your $ 300,000 30-year loan at 4% into a new 30-year loan with an interest rate of 3.25 %, you reduce your monthly payment from $ 1,432 to $ 1,306. That’s a monthly savings of $ 126, which works out to $ 45,360 over the life of the mortgage.

But before you refinance, be sure to weigh the closing costs and calculate how long it will take before your refinancing savings cover the refinancing expenses.

How To Get Your Lowest Mortgage Refinance Rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt, you could get a lower rate. It’s also a good idea to compare the rates of different lenders if you are hoping to refinance to find the best rate for your situation.

Borrowers can save an average of $ 1,500 over the life of their loan by purchasing one additional quote, and an average of $ 3,000 by comparing five quotes, according to a study by Freddie Mac.

Be sure to shop around and compare the rates of several 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 just three minutes.

How does Credible calculate the refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the development of mortgage refinancing rates. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

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

Can you negotiate the refinancing 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, a low debt-to-income ratio, and a good income can help in negotiations. Being open to compromise can also help. For example, your lender may accept a lower interest rate if you are willing to pay mortgage discount points up front.

The best way to make sure you’re getting the lowest interest rate possible is to compare the rates and loans of multiple mortgage lenders.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s quick, easy, and the whole process can be done entirely online.

Do you think this might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in just three minutes.

Prices last updated on December 21, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Have a finance-related question, but you don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.


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