Today's mortgage refinance rates: 15- and 10-year rates drop | June 23, 2021

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Fox Business 23 June, 2021 - 08:21am 20 views

Are mortgage rates going up?

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.02 percent with an average 0.7 point. ... (Points are fees paid to a lender equal to 1 percent of the loan amount. The Washington PostMortgage rates rise to highest levels in two months

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Based on data compiled by Credible, current mortgage refinance rates are mixed compared to yesterday’s, with 30-year and 20-year rates unchanged while 15-and 10-year rates dropped. 

Today’s 15-year rates dropped back down to 2.125% today after jumping up to 2.250% yesterday — the highest it had been in 26 days. Now 15- and 10-year rates are mirroring each other — both sit at 2.125% today after weeks of fluctuation. These shorter terms could represent a particular bargain for homeowners looking to refinance. And rates for 30-year and 20-year terms continue to hover at historical lows: 20-year rates have been sitting well under 3% since April 1. 

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.

The current rate for a 30-year fixed-rate refinance is 2.875%. This is the same as yesterday.

The current rate for a 20-year fixed-rate refinance is 2.750%. This is the same as yesterday.

The current rate for a 15-year fixed-rate refinance is 2.125%. This is down from yesterday.

The current rate for a 10-year fixed-rate refinance is 2.125%. This is down from 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.

Today, mortgage refinance rates have risen compared to this time last week.

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.

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.

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. 

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.

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Current refinance rates on June 24, 2021: Rate falls

CNET 24 June, 2021 - 08:00am

The average 30-year fixed refinance rate right now is 3.21%, a decrease of 1 basis point over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15- or 10-year refinance. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit more breathing room. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15- and 10-year refinance rates. You'll also pay off your loan more slowly.

The average rate for a 15-year fixed refinance loan is currently 2.50%, an increase of 1 basis points compared to one week ago. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. On the other hand, you'll save money on interest overall, since you'll pay off the loan sooner. You'll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

The average 10-year fixed refinance rate right now is 2.51%, an increase of 2 basis points compared to one week ago. Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but a higher monthly payment. A 10-year refinance can help you pay off your house much faster and save on interest in the long run. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

We track refinance rate trends using data collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates reported by lenders across the US:

Rates as of June 24, 2021.

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Current mortgage rate for June 24, 2021: Rates cool off

CNET 24 June, 2021 - 08:00am

For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.13%, which is a decline of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one -- but often a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

The average rate for a 15-year, fixed mortgage is 2.43%, which is an increase of 1 basis point compared to a week ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. But a 15-year loan will usually be the better deal, as long as you're able to afford the monthly payments. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

A 5/1 ARM has an average rate of 3.14%, a downtick of 5 basis points from seven days ago. For the first five years, you'll usually get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. But you may end up paying more after that time, depending on the terms of your loan and how the rate adjusts with the market rate. If you plan to sell or refinance your house before the rate changes, an ARM could make sense for you. If not, shifts in the market may significantly increase your interest rate.

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track rates changes over time. This table summarizes the average rates offered by lenders across the US:

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. Make sure to take into account your current financial situation and your goals when looking for a mortgage. Specific mortgage rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Generally, you want a good credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. Beyond the mortgage rate, factors including closing costs, fees, discount points and taxes might also factor into the cost of your home. You should comparison shop with multiple lenders -- for example, credit unions and online lenders in addition to local and national banks -- in order to get a mortgage loan that's the best fit for you.

One important thing to keep in mind when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. For adjustable-rate mortgages, interest rates are fixed for a certain number of years (usually five, seven or 10 years), then the rate changes annually based on the current interest rate in the market.

One thing to take into consideration when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on staying in your home. Fixed-rate mortgages might be a better fit for people who plan on staying in a home for a while. While adjustable-rate mortgages can sometimes offer lower interest rates upfront, fixed-rate mortgages are more stable in the long term. However you may get a better deal with an adjustable-rate mortgage if you're only planning to keep your home for a couple years. The best loan term all depends on an individual's situation and goals, so be sure to consider what's important to you when choosing a mortgage.

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Student loan rates set new record lows – how to know if you should refinance

Fox Business 23 June, 2021 - 07:19am

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If you've been considering refinancing your private student loans, there's never been a better time to do so. Student loan refinancing rates set a new record low for the week of June 14, based on an analysis of borrowers with credit scores of 720 or higher who refinanced their student loans on Credible's online marketplace.

The interest rate on 10-year fixed-rate loans fell to 3.50%. That's down from the previous record low of 3.57% last week, and it's nearly a full percentage point lower than a year ago when it was at 4.44%. 

Borrowers who choose a 5-year variable-rate loan can get interest rates as low as 2.88%, which is the lowest interest rate this type of loan has seen in all of 2021. It's down from 2.92% the week prior.

To get the lowest rate possible on your private student loan, it's important to shop around across multiple lenders. You can compare real student loan refinancing offers on Credible for free, all without affecting your credit score. 

The choice to refinance your student loans depends on the type of loan you have and the interest rate it carries. It's not currently recommended to refinance federal student loans, as you could lose protections like income-driven repayment, hardship forbearance and even possible student loan forgiveness in the future.

If you have private student loans, though, there's never been a better time to get a lower rate on your college debt. Student loan refinancing rates on Credible have been falling steadily in the past year, setting record lows in mid-June. 

Check out the rate table below, where you can see rates offered by real student loan lenders. If you want to refinance private student loans, you can get prequalified on Credible to compare estimated interest rates across multiple lenders. 

You should consider refinancing your private loans if you can secure a lower interest rate than what you're currently paying. Since student loan refinancing doesn't come with fees, like closing costs for mortgage refinancing, it's easier to determine how much money you can save.

Student loan borrowers who took out private loans even just a few years ago were paying much higher interest rates than they may qualify for now. Average interest rates for those who took out private student loans on Credible for the year ending May 13, 2018 were much higher:

A hypothetical borrower who took out $30,000 worth of 10-year, fixed-rate private student loans in May 2018 at a 7.64% interest rate was making monthly payments of $358. Assuming three years of on-time payments, the borrower could refinance the remaining $17,112 balance into a new 10-year fixed-rate loan at 3.50%, reducing their monthly payments by nearly $200.

See how much you can save on your college debt by entering your current and new loan terms in Credible's student loan payment calculator

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