20-year refinance rates dip, 3 others hold firm | August 30, 2021

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Check out the mortgage refinancing rates for August 30, 2021, which are largely unchanged from last Friday.

Based on data compiled by Credible, current mortgage refinance rates held steady since last Friday, with the exception of 20-year rates, which fell. 

  • 30-year fixed-rate refinance: 2.875%, unchanged
  • 20-year fixed-rate refinance: 2.500%, down from 2.625%, -0.125
  • 15-year fixed-rate refinance: 2.125%, unchanged
  • 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on August 30, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Today’s mortgage refinance rates remain at historic lows, with 20-year rates resting at their record low. But as we enter the last month of the third quarter, many experts predict rates will rise by the end of the year. Homeowners who act now may be able to lock in a bargain low rate and reap significant interest savings ahead of predicted increases.

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 2.875%. This is the same as last Friday.

Current 20-year fixed refinance rates

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

Current 15-year fixed refinance rates

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

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is the same as last Friday.

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 30, 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: 2.875%, up from 2.750% 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? 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 30, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Is now a good time to refinance?

Mortgage refinance rates have been at historic lows all year. It’s unlikely they’ll go much lower and extremely possible they’ll begin to rise in the coming months. But low rates aren’t the only factors that determine whether now is a good time for you to refinance your home loan.

Everyone’s situation is different, but generally, it may be a good time to refinance if:

  • You’ll be able to get a lower interest rate than you currently have
  • Refinancing will save you money over the life of your home loan
  • Your savings from refinancing will ultimately exceed closing costs
  • You know you’ll be staying in your home long enough to recoup the costs of refinancing
  • You have sufficient equity in your home to avoid private mortgage insurance (PMI)

If your home needs significant, costly repairs it might be a good time to refinance in order to withdraw some equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take from your home in a cash-out refinance. 

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. 

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.

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.