Today's mortgage refinance rates — two rates drop further | October 20, 2020
Check out the mortgage refinancing rates for October 20, 2020, which are mostly down from last week. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage refinance rates have declined, with two rates dropping since this time last week.
30-year fixed refinance: 3.000%, the same as last week
20-year fixed refinance: 2.875%, down from 3.000% last week, -0.125
15-year fixed refinance: 2.375%, down from 2.500% last week, -0.125
Rates last updated on October 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
If you’re thinking of refinancing, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and 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 2.875%. This is down 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 down from 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 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
How mortgage refinance rates have changed
Today, mortgage refinancing rates have remained the same compared to yesterday.
30-year fixed-rate refinance: 3.000%, Unchanging
20-year fixed-rate refinance: 2.875%, Unchanging
15-year fixed-rate refinance: 2.375%, Unchanging
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 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.
The factors behind today’s refinance rates
Current mortgage refinancing 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.
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 size, type, 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.
Be sure to shop around and compare rates with multiple lenders if you decide to refinance. 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 looking for a 30- or 15-year mortgage or want to refinance, Credible can help you find the right mortgage for your situation: