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Home / Business / Today’s Mortgage Refinancing Interest Rate-An Interest Rate Diving | October 29, 2020

Today’s Mortgage Refinancing Interest Rate-An Interest Rate Diving | October 29, 2020



Our goal at Credible is to provide you with the tools and confidence you need to improve your financial situation. Although we do promote products from partner lenders, all opinions are ours.

Looking at the mortgage refinancing rate on October 29, 2020, there is no change from yesterday-with one exception. (iStock)

According to data collected by Credible Operations, Inc. (NMLS No. 1681276), since the 20th, the current mortgage refinancing interest rate has remained stable since yesterday, except for the 20-year fixed financing interest rate. The average interest rate remained low by historical standards, hovering below 3% across the board.

  • 30-year fixed refinancing: 2.875%, unchanged
  • 20-year fixed refinancing: 2.750%, less than 2.875%, -0.125
  • 15 years fixed refinancing: 2.375%, unchanged

The rate was last updated on October 29, 2020. These rates are based on the assumptions shown here. Actual prices may vary.

If you want to refinance a home mortgage loan, consider using Credible. Whether you want to save money on a monthly mortgage or consider a cash mortgage, Credible’s free online tool allows you to compare interest rates from multiple mortgage lenders. You can see eligible rates in just three minutes.

Current 30-year fixed rate refinancing

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

Current 20-year fixed rate refinancing

The current interest rate for a 20-year fixed-rate loan is 2.750%. This is down from yesterday.

Current 15-year fixed rate refinancing

The current interest rate for a 15-year fixed-rate loan is 2.375%. This is the same as yesterday.

You can compare interest rates and lenders by visiting Credible, and explore mortgage refinancing options within minutes. Check out Credible and get prequalified immediately.

The rate was last updated on October 29, 2020. These rates are based on the assumptions shown here. Actual prices may vary.

How does mortgage refinancing interest rate change

Overall, the mortgage refinancing rate has declined compared with the period last week.

  • 30-year fixed interest rate refinancing: 2.875%, same as last week
  • 20-year fixed interest rate refinancing: 2.750%, lower than last week’s 3.000%-0.250
  • 15-year fixed interest rate refinancing: 2.375%, down from 2.625% last week, -0.250

If you think refinancing is the right approach, please consider using Credible. You can use Credible’s free online tool to easily compare multiple mortgage refinancing lenders and see qualified interest rates in just three minutes.

The rate was last updated on October 29, 2020. These rates are based on the assumptions shown here. Actual prices may vary.

The factors behind today’s refinancing rate

The current refinancing rate, like the general mortgage interest rate, is affected by many economic factors such as unemployment and inflation. However, your personal financial history will also determine the interest rate you offer when refinancing your mortgage.

Greater economic factors

  • Economic strength
  • Inflation rate
  • job opportunity
  • expenditures
  • Housing construction and other market conditions
  • Stock and bond market
  • 10-year Treasury bond yield
  • Fed policy

Personal economic factors

  • Credit score
  • Credit history
  • Down payment amount
  • Loan-to-value ratio
  • Loan type, amount and duration
  • Debt-to-income ratio
  • Property location

How to get the lowest mortgage refinancing rate

If you are interested in refinancing your mortgage, improving your credit score and repaying any other debt may lower interest rates. If you want to refinance, it is also a good idea to compare the interest rates of different lenders so that you can find the best interest rate for your situation.

According to Freddie Mac’s research, borrowers can save an average of US$1,500 over the loan term by purchasing additional interest rate quotes, and can save an average of US$3,000 by comparing five interest rate quotes. Credible can help you compare multiple lenders at once in just a few minutes.

If you decide to refinance a mortgage, be sure to shop around and compare the interest rates of multiple mortgage lenders. You can easily do this with Credible’s free online tool and check your prequalification rate within three minutes.

Mortgage rate by loan type

Whether you are a first-time mortgage buyer or are looking to reduce the monthly payment for your existing home, Credible can help you find a mortgage that suits your financial goals.

Make sure to check out these loan interest rates, you can compare them by annual interest rate (APR) and interest rate:


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