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Home / Business / Today’s mortgage refinancing interest rate continues to fall, hitting a 37-day low | November 13, 2020

Today’s mortgage refinancing interest rate continues to fall, hitting a 37-day low | November 13, 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 our own.

Check out the mortgage refinancing rate on November 13, 2020, which is lower than yesterday. (iStock)

According to data collected by Credible Operations, Inc. (NMLS No. 1681276), the current mortgage refinancing interest rate has dropped across the board compared to yesterday. The average interest rate for 30-year, 20-year and 15-year fixed loans is 2.583%, the lowest level since 37 consecutive days.

  • 30-year fixed interest rate refinancing: 2.750%, less than 2.875%, -0.125
  • 20-year fixed interest rate refinancing: 2.750%, higher than 2.875%, -0.125
  • 15-year fixed interest rate refinancing: 2.250%, higher than 2.375%, -0.125

The rate was last updated on November 13, 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 the interest rates of 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 2.750%. This is down from 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 2.250%. This is down from 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 November 13, 2020. These rates are based on the assumptions shown here. Actual prices may vary.

How does mortgage refinancing interest rate change

Today, the mortgage refinancing rate has remained basically unchanged compared to the period last week, but the 15-year fixed refinancing rate has declined.

  • 30-year fixed refinancing: 2.750%, same as last week
  • 20-year fixed refinancing: 2.750%, same as last week
  • 15-year fixed refinancing: 2.250%, lower than last week’s 2.375%-0.125

Think now may be the right time to refinance? To find out how much you can save on monthly mortgage payments through refinancing now, use Credible’s free online tool to calculate numbers and compare interest rates. In a matter of minutes, you can see what multiple mortgage refinancing lenders offer.

The rate was last updated on November 13, 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 a 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, by purchasing only one additional interest rate offer, the borrower can save an average of US$1,500 during the loan term. By comparing the five interest rate offers, the borrower can save an average of US$3,000. 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 use Credible’s free online tool to do this easily and check your prequalification rate within three minutes.

Mortgage rate by loan type

Whether you are a first-time mortgage buyer or you 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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