Mortgage refinance rates remain at bargain lows

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Mortgage refinance rates remain at bargain lows

Based on data compiled by Credible, historic mortgage refinance rates end the week holding firmly at current lows. The last time rates for any repayment term were lower than 2.000% on Feb. 8 when 15 year rates fell to 1.875%

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

Although rates for longer repayment terms have fluctuated a bit this week, 10 - year and 30-year mortgage refinance rates remain at bargain lows. Rates for 15- and 10-year refinances were holding at just 2.000% the entire week, representing significant savings opportunities for homeowners looking to pay off their homes sooner.

If you're considering 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. What are the prequalified rates?

The fixed rate and current rate for a refinance of 30 years is 2.750%. It is the same as yesterday.

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

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

The current rate for a fixed-rate refinance over 10 years is 2.000%. This is the same as yesterday.

You can compare mortgage refinance options by visiting our website Credible. These rates are based on the assumptions outlined here. Actual rates may vary.

Today, refinance rates for mortgages have more than halved compared to the last week of 2014.

If you think refinancing is the right move, consider using Credible. You can use Credible's free online tool to easily compare multiple mortgage refinancing lenders and see prequalified rates in as little as three minutes.

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

Current interest rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history is also affected when refinancing your mortgage.

If you want to increase your credit rating, paying down debt or re-instaling any other debt can secure you a lower rate. It's also a good idea to compare rates from different lenders if you're hoping to refinance so that 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 $3000 if they compare five rate quotes, according to research from Freddie Mac. Credible can help you compare multiple lenders in just a few minutes.

If you decide to refinance your mortgage, be sure to compare and shop around for rates from multiple mortgage lenders. You can now see your prequalified rates easily with Credible's free online tool and review the available rates in just 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. Credible is here to help you find the right mortgage payment plan and keep an eye on current rates.

Email The Credible Money Expert at moneyexpert credible.com and your question might be answered by Credible in our Money Expert column.

As an authority on mortgages and personal finance, Chris Jennings covered topics which include mortgage loans, home refinancing, and more.