Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Check out the mortgage refinancing rates for January 4, 2021, which are unchanged from last Wednesday. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance rates did not budge from historic lows. More specifically, 30-year rates have held firm at 2.625% for 30 consecutive days.
- 30-year fixed-rate refinance: 2.625%, Unchanging
- 20-year fixed-rate refinance: 2.625%, Unchanging
- 15-year fixed-rate refinance: 2.125%, Unchanging
Rates last updated on January 4, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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-rate refinance
The current rate for a 30-year fixed-rate refinance is 2.625%. This is the same as last Wednesday.
Current 20-year fixed-rate refinance
The current rate for a 20-year fixed-rate refinance is 2.625%. This is the same as last Wednesday.
Current 15-year fixed-rate refinance
The current rate for a 15-year fixed-rate refinance is 2.125%. This is the same as last Wednesday.
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 January 4, 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 remained largely unchanged compared to this time last week. This marks the seventh consecutive week that aates for all mortgage types have stayed below 3%.
- 30-year fixed refinance: 2.625%, the same as last week
- 20-year fixed refinance: 2.625%, the same as last week
- 15-year fixed refinance: 2.125%, the same as last week
Think it might be the right time to refinance? To understand just how much you could save on monthly mortgage payments by refinancing now, crunch the numbers and compare rates using Credible's free online tool. Within minutes, you can see what multiple mortgage refinance lenders are offering.
Rates last updated on January 4, 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
- Down payment size
- Loan-to-value ratio
- Loan type, size, and term
- 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.
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
Whether you’re a first-time homebuyer shopping for mortgage loans, or you’re seeking lower monthly payments on an existing home, Credible can help you find the right mortgage for your financial goals.
Be sure to check out these loan rates, which you’ll be able to compare by annual percentage rate (APR) as well as interest rate:
- 30 Year Fixed Refinance Rates
- 20 Year Fixed Refinance Rates
- 15 Year Fixed Refinance Rates
- 10 Year Fixed Refinance Rates
- 30 Year Fixed Mortgage Rates
- 20 Year Fixed Mortgage Rates
- 15 Year Fixed Mortgage Rates
- 10 Year Fixed Mortgage Rates
More resources on mortgage refinance
Want to learn more about refinancing your home loan? Take a look at the following articles:
- How to Refinance Your Home in 6 Easy Steps
- Refinance Closing Costs: How to Lower and Avoid Fees
- How Soon Can You Refinance: Typical Waiting Periods By Home Loan
