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Today's mortgage refinance rates: 20-year rates jump, other terms hold steady | July 8, 2021

By Chris Jennings
Published  July 8, 2021 10:10am EDT
Personal Finance
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Check out the mortgage refinancing rates for July 8, 2021, which are mostly unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have mostly held steady since yesterday, except for 20-year rates, which increased. 

  • 30-year fixed-rate refinance: 2.990%, unchanged
  • 20-year fixed-rate refinance: 2.750%, up from 2.500%, +0.250
  • 15-year fixed-rate refinance: 2.250%, unchanged
  • 10-year fixed-rate refinance: 2.250%, unchanged

Rates last updated on July 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

After dropping to a near five-month low of 2.500% yesterday, today’s 20-year mortgage refinance rates jumped back up to 2.750%. Rates across 30-, 15- and 10-year terms are higher than they were at the beginning of the week, but all terms remain at historic lows, so homeowners looking to refinance could still find a bargain. 

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 rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 2.990%. This is the same as yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.750%. This is up from yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.250%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.250%. This is the same as yesterday.

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 July 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates are mixed compared to this time last week.

  • 30-year fixed refinance rates: 2.990%, down from 3.000% last week, -0.010
  • 20-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.125
  • 15-year fixed refinance rates: 2.250%, up from 2.125% last week, +0.125
  • 10-year fixed refinance rates: 2.250%, unchanged from last week

Think it might be the right time to refinance? 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 July 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

Current refinance rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered when refinancing your mortgage.

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

How to get your lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, 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, 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 mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.

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

Mortgage rates by loan type

If you’re seeking 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.

Before you dive into mortgage refinancing, be sure to check out these loan rates, which you can compare by annual percentage rate (APR) as well as interest rate:

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.