There is still time to save: Mortgage Refinance Rates Hold Near All-Time Highs for Day 4 | September 23, 2021


Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

View mortgage refinancing rates for September 23, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates are unchanged from yesterday, with rates for all terms remaining stable over the past four days.

  • Refinancing at a fixed rate over 30 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.500%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.125%, unchanged
  • Refinancing at a fixed rate over 10 years: 2,000%, unchanged

Rates last updated on September 23, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

The savings window is always open for homeowners who want to reduce their interest costs by refinancing their current mortgage. With rates holding steady near record lows for most of September, homeowners can find a bargain whether they go for a longer or shorter term. The rates for a 30-year refinance, which is the most common term, have remained below 3% since July 2. And 15-year rates have hit near record highs for 47 consecutive days.

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing with cash, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 2.875%. It’s the same as yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage might lower your interest rate, but might not have much of an effect on your total interest charges or monthly payments. Refinancing a short-term mortgage to a 30-year refinance could result in a lower monthly payment, but higher total interest charges.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2,500%. It’s the same as yesterday. By refinancing a 30-year loan to a 20-year refinance, you could earn a lower interest rate and lower total interest charges over the life of your mortgage. But you can get a higher monthly payment.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.125%. It’s the same as yesterday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest charges and maintaining a reasonable monthly payment.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2,000%. It’s the same as yesterday. 10-year refinancing will help ppay off your mortgage sooner and maximize your interest savings. But you could also end up with a larger monthly mortgage payment.

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

Rates last updated on September 23, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

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

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

Rates last updated on September 23, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

How Much Home Equity Do I Need to Refinance My Home?

When you apply for mortgage refinancing, lenders will take into consideration the amount of equity in your home. If you do not meet the lender’s capital requirements, you may not be eligible for refinancing with that lender.

Requirements may vary from lender to lender and depend on the type of refinancing you are doing – rate and term refinance vs. withdrawal refinance.

For rate and term refinancing, you may qualify with as little as 5% of your home equity. But your lender will likely ask you to purchase private mortgage insurance. Most lenders will prefer a loan-to-value ratio of at least 20%, which means that the amount you owe on your mortgage is no more than 80% of the total value of your home.

Typically, for a cash refinance, most lenders will want to see that you have a loan-to-value ratio, or LTV, of at least 20%. But some lenders can be flexible if you have good credit, a history of paying bills on time, and are willing to accept a higher interest rate.

To calculate your loan-to-value ratio, simply divide your loan balance by the current value of your home. For example, if your home is worth $ 350,000 and you owe $ 325,000, your LTV is just under 93% – and you might have trouble qualifying for refinancing.

How to get your lowest mortgage refinance rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt could guarantee you a lower rate. It’s also a good idea to compare the rates of different lenders if you are hoping to refinance to find the best rate for your situation.

Borrowers can save an average of $ 1,500 over the life of their loan by purchasing one additional quote, and an average of $ 3,000 by comparing five quotes, according to a study by Freddie Mac.

Be sure to shop around and compare the rates of several mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

How does Credible calculate the refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the evolution of mortgage refinancing rates. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage refinance rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

Can you refinance a jumbo loan?

A jumbo loan is also referred to as a non-conforming loan because it does not meet the loan limits set by Fannie Mae and Freddie Mac. For 2021, it’s $ 548,250 for a single-family home. The rates for jumbo loans are generally higher than those for refinances for compliant loans.

It is possible to refinance a jumbo loan, but you will likely have to meet higher qualifying standards than to refinance a conventional loan. Requirements may include:

  • A good to excellent credit rating and a clean credit history
  • A debt-to-income ratio much lower than those required for conventional loans
  • Six months to one year of cash reserves

You may need to provide additional documents to verify your income and overall financial situation. And, as with any refinance, you will have to pay closing costs, which can be considerably higher for a jumbo loan.

Credible is also a partner of a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.


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