15- and 10-year mortgage refinance rates stick near record low for 5th straight day | August 6, 2021

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Check out the mortgage refinancing rates for August 6, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates end the week holding firmly at historic lows. The last time rates for any repayment term were lower than 2.000% was Feb. 8, when 15-year rates dipped to 1.875%.

30-year fixed-rate refinance: 2.750%, unchanged
20-year fixed-rate refinance: 2.500%, unchanged
15-year fixed-rate refinance: 2.000%, unchanged
10-year fixed-rate refinance: 2.000%, unchanged

Rates last updated on August 6, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Although rates for longer repayment terms have fluctuated a bit this week, 30-year and 20-year mortgage refinance rates remain at bargain lows. Rates for 15- and 10-year refinances have held at just 2.000% for the entire week, representing significant savings opportunities for homeowners looking to pay off their homes sooner.

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.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 2.750%. This is the same as yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.500%. This is the same as yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.000%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.000%. This is the same as 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.

Rates last updated on August 6, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

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

30-year fixed refinance rates: 2.750%, the same as last week
20-year fixed refinance rates: 2.500%, down from 2.625% last week, -0.125
15-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125
10-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125

If you think refinancing is the right move, 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 August 6, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

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.

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
Home equity
Loan amount, loan term, and loan type
Debt-to-income ratio
Location of the property

How to get your lowest mortgage refinance rate

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 is also partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it's fast, easy and the whole process can be completed entirely online.

Mortgage rates by loan type

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.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

Personal Finance