Today’s mortgage refinance rates see little change — but one rate breaks the mold | October 26, 2020
Check out the mortgage refinancing rates for October 26, 2020, which are mostly up from last week.
Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance have largely remained unchanged since this time last week, though 20-year fixed refinance rates have risen slightly. Despite this fluctuation, average rates for home refinance remain low by historical standards.
- 30-year fixed-rate refinance: 3.000%, the same as last week
- 20-year fixed-rate refinance: 3.000%, up from 2.875% last week, +0.125
- 15-year fixed-rate refinance: 2.375%, the same as last week
Rates last updated on October 26, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
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 multiple lenders. You can see prequalified rates in as little as three minutes.
Current 30-year fixed-rate refinance
The current rate for a 30-year fixed-rate refinance is 3.000%. This is the same as this time last week.
Current 20-year fixed-rate refinance
The current rate for a 20-year fixed-rate refinance is 3.000%. This is up from this time last week.
Current 15-year fixed-rate refinance
The current rate for a 15-year fixed-rate refinance is 2.375%. This is the same as this time last week.
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 October 26, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
How mortgage refinance rates have changed
Today, mortgage refinance rates have largely held steady since last Friday, with the exception of 15-year fixed refinance rates.
- 30-year fixed-rate refinance: 3.000%, Unchanging
- 20-year fixed-rate refinance: 3.000%, Unchanging
- 15-year fixed-rate refinance: 2.375%, Down -0.125
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 refinance lenders are offering.
Rates last updated on October 26, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
The factors behind today’s refinance rates
Current mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered on mortgage loans.
Larger economic factors
- Strength of the economy
- Inflation rates
- Employment
- Consumer spending
- Housing construction and other market conditions
- Stock and bond markets
- 10-year Treasury yields
- Federal Reserve policies
Personal economic factors
- Credit score
- Credit history
- Down payment size
- Loan-to-value ratio
- Loan type, size, and term
- Debt-to-income ratio
- Location of the property
How to get your lowest mortgage refinance rate
If you want the best mortgage refinance rate, 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 your mortgage, 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 lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.
Mortgage rates by loan type
Whether you’re a first-time homebuyer shopping for a 30- or 15-year mortgage, or you’re looking to refinance an existing home, Credible can help you find the right mortgage for your financial goals.
Be sure to check out these loan rates, which you’ll be able to compare by annual percentage rate (APR) as well as interest rate: