20-year mortgage refinance rates end week with quarter-point dive

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Check out the mortgage refinancing rates for August 20, 2021, which fell for longer terms and held for shorter ones since yesterday. (iStock)

Based on data compiled by Credible, 20-year mortgage refinance rates, which fell by 0.25%, are today’s standout refinance bargain. Rates also fell for 30-year refinances, while 15-year and 10-year rates continued to hold at near-record lows for the 10th straight day.

30-year fixed-rate refinance: 2.750%, down from 2.875%, -0.125
20-year fixed-rate refinance: 2.500%, down from 2.750%, -0.250
15-year fixed-rate refinance: 2.125%, unchanged
10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on August 20, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

While mortgage refinance rates typically fluctuate from day to day, 20-year rates have been particularly volatile. Rates for this repayment term have changed every day this week, settling at just 2.500% at the end of the week. Homeowners looking to secure a lower interest rate while maintaining a lower monthly payment and shortening their repayment term may find 20-year refinance rates especially appealing today. By locking in their rate today, they can get ahead of likely rate fluctuations next week.

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 down from yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.500%. This is down from yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.125%. This is the same as yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. 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 20, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates are a mixed bag compared to this time last week.

30-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.125
20-year fixed refinance rates: 2.500%, down from 2.625% last week, -0.125
15-year fixed refinance rates: 2.125%, the same as last week
10-year fixed refinance rates: 2.125%, the same as 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.

Rates last updated on August 20, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What is the average cost of a refinance?

Refinancing a mortgage can yield significant interest savings over the life of a loan. But all those savings don’t come for free. Generally, you’ll encounter costs — on average $5,000, according to Freddie Mac — when refinancing your mortgage.

Your exact refinancing costs will depend on multiple factors, including the size of your loan and where you live. Typical refinancing costs include:

The cost of recording your new mortgage
Appraisal fees
Attorney fees
Lender fees such as origination or underwriting
Title service fees
Credit report fees
Mortgage points
Prepaid interest charges

Keep in mind there’s no such thing as a truly no-cost refinance. Lenders who market "no-cost loans" typically charge a higher interest rate and roll the costs into the loan — which means you’ll pay more interest over the life of the loan.

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 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.

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.