Mortgage refinance rates drop to an unprecedented low

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Mortgage refinance rates drop to an unprecedented low

Based on data compiled by Credible, current mortgage refinance rates for two longer terms fell compared to yesterday's, while rates for shorter terms remained unchanged.

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

Today's average mortgage refinance rate dropped to an unprecedented low of 2.281% — its lowest level all year. Homeowners looking to refinance can snag a deal, regardless of the term they choose. As such, 20 year mortgage refinance rates were tied back to a near-record low of 2.500% today — the lowest rate this term has been since plunging to 2.375% for one day on 20 July. Homeowners looking to refinance into a lower term while saving on interest and keeping a manageable monthly payment could find the 20 year term to be a great deal.

If you're contemplating refinancing your home mortgage, consider using Credible. Whether you're interested in saving money on 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.

This is down from yesterday.

The fixed rate for a 20-year fixed rate refinance is 2.500%. This is down from yesterday.

The fixed rate for a 10 year fixed loan service is 2.000%. This is the same as yesterday.

Fixed interest rate for a 10 year minimum refinance is 2.000%. It's the same thing as it was yesterday.

In minutes, you can explore your mortgage refinance options by using the Credible website to compare rates and lenders. These rates are based on assumptions presented here. Actual rates may vary.

Compared to this time last week, mortgage refinance rates fell today.

Be sure to compare rates with multiple lender? You can do this easily with credible and see your prequalified rates in only three minutes.

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

The current refinance rates, like interest rates on mortgages in general, are affected by many economic factors, like unemployment numbers and inflation. Your personal financial history will also determine the rates you were offered when refinancing your mortgage.

If you're interested in refinancing your mortgage, improving your credit score and paying off any other debt could secure you a lower rate. It's also a good idea to compare rates with different lenders if you're hoping to refinance and you want to find the best rate for your situation.

Borrowers can save $1,500 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 plan to refinance a mortgage, be sure to compare rates and shop around for rates. A free online tool of Credible can allow you to see your prequalified rates in 3 minutes.

Credible also has a partnership with a home insurance broker. If you are looking for lower monthly payments on an existing home, Credible can help you keep an eye on current mortgage rates and find the right loan for your financial goals.

Email moneyexpertcredible.com to the Credible Money Expert and your question might be answered by credible in our Money Expert column.

As a credible authority on mortgages and personal finances, Chris Jennings has covered topics which include mortgage loans, mortgage refinancing, and more.