Mortgage Rates

10-year mortgage refinance charges edge up: Act now earlier than they go increased | Oct. 8, 2021

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Take a look at the mortgage refinancing rates for October 8, 2021, which are largely unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinancing rates were largely unchanged from yesterday, with the exception of 10-year rates which have increased.

  • 30-year fixed rate refinancing: 2.990%, unchanged
  • 20-year fixed rate refinancing: 2.750%, unchanged
  • 15-year fixed rate refinancing: 2,250%, unchanged
  • 10-year fixed rate refinancing: 2.250%, from 2.125%, + 0.125

Prices were last updated on October 8, 2021. These prices are based on the assumptions shown here. Actual prices may vary.

After holding 10-year mortgage refinancing rates near bargain lows for five consecutive days, they rose to 2.250% today. Meanwhile, rates for 30-, 20-, and 15-year maturities were unchanged from yesterday. These three terms are all lower than they were at this time last year. Now might still be a good time to lock in a lower interest rate ahead of the projected rate hikes.

If you are thinking of refinancing your mortgage then you should use Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing through a payout, Credible’s free online tool allows you to compare the interest rates of multiple mortgage lenders. You can see prequalified tariffs in just three minutes.

Current 30-year fixed refinancing rates

The current interest rate for a 30-year fixed-rate refinancing is 2.990%. This is the same as yesterday. Refinancing a 30 year mortgage into a new 30 year mortgage could lower your interest rate, but it may not have a huge impact on your total interest cost or monthly payment. Refinancing a shorter term mortgage into a 30 year refinance could result in a lower monthly payment but a higher total interest cost.

Current 20-year fixed refinancing rates

The current interest rate for a 20-year fixed rate refinancing is 2.750%. This is the same as yesterday. By refinancing a 30-year loan into a 20-year refinancing, you can secure a lower interest rate and reduce the total cost of interest over the life of your mortgage. However, you can get a higher monthly payment.

Current 15-year fixed refinancing rates

The current interest rate for a 15-year fixed rate refinancing is 2.250%. This is the same as yesterday. A 15 year refinance could be a good choice for homeowners looking for a balance between cutting interest costs and keeping a manageable monthly payment.

Current 10-year fixed refinancing rates

The current interest rate for a 10-year fixed rate refinancing is 2.250%. That’s from yesterday. A 10 year refinance will help you pay off your mortgage faster and maximize your interest savings. But you could end up with a higher monthly mortgage payment.

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

Prices were last updated on October 8, 2021. These prices are based on the assumptions shown here. Actual prices may vary.

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

Do you think it might be the right time to refinance? You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

Prices were last updated on October 8, 2021. These prices are based on the assumptions shown here. Actual prices may vary.

When is refinancing worthwhile?

Refinancing a mortgage can be a great way to save money. But moving isn’t always the best move for every homeowner.

People refinance for a number of reasons, including to get a lower interest rate, change their monthly payment amount, and lower their interest costs. In general, if you can cut your interest rate by at least 0.75%, a refinance can be a good move.

Here’s an example of how a refinance can save you money: If you convert your $ 300,000 30-year loan at 4% into a new 30-year loan at 3.25% interest, you lower your monthly payment from 1,432 USD to 1,306 USD. That’s a $ 126 monthly savings, which adds up 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 for your refinance savings to cover the cost of the refinance.

How to get your lowest mortgage refinancing rate

If you are interested in refinancing your mortgage, you can get a lower interest rate by improving your credit score and paying off other debts. It is also a good idea to compare rates from different lenders if you are hoping to refinance so you can find the best rate for your situation.

According to a study by Freddie Mac, borrowers can save an average of $ 1,500 over the life of their loan by buying just one additional rate quote and an average of $ 3,000 by comparing five rate quotes.

When you decide to refinance your mortgage, look around and compare prices from multiple mortgage lenders. It’s easy to do with Credible’s free online tool and you’ll see your pre-qualified plans in just three minutes.

How does Credible calculate the refinancing rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors all affect mortgage refinancing rate developments. Credible average mortgage refinancing rates are calculated based on information provided by partner lenders who pay Credible compensation.

The interest rates assume that a borrower has a credit score of 740 and is taking out a traditional loan on a single family home that will be their primary residence. The tariffs also require no (or very low) discount points and a deposit of 20%.

Credible mortgage refinancing rates only give you an idea of ​​the current average interest rate. The price you get can vary based on a number of factors.

What are the average refinancing costs?

Refinancing a mortgage can result in significant interest savings over the life of a loan. But all these savings are not for free. In general, there are costs associated with refinancing your mortgage – an average of $ 5,000, according to Freddie Mac.

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

  • The cost of taking out your new mortgage
  • Appraisal fees
  • Legal fees
  • Lender fees such as origination or underwriting
  • Title Service Fees
  • Credit Report Fees
  • Mortgage points
  • Prepaid Interest

Remember, there is no such thing as really free refinancing. Lenders who market “free loans” typically charge a higher interest rate and pay the cost on the loan – meaning you pay more interest over the life of the loan.

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

Do you have a finance-related question but don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

A credible mortgage and personal finance authority, Chris Jennings has covered topics such as mortgage loans, mortgage refinancing, and more. He has been an online editor and assistant editor for personal finance for four years. His work has been featured by MSN, AOL, Yahoo Finance, and others.

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