Today's 20-year mortgage refinance rates tumble to near-record low | July 29, 2021

• 30-year fixed-rate refinance: 2.750%, unchanged
• 20-year fixed-rate refinance: 2.500%, down from 2.625%, -0.125
• 15-year fixed-rate refinance: 2.000%, unchanged
• 10-year fixed-rate refinance: 2.000%, unchanged

Rates last updated on July 29, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Today’s dip in 20-year mortgage refinance rates presents a significant opportunity for homeowners looking to prioritize a lower interest rate and lower monthly payment amount. Twenty-year refinance rates have been this low only a handful of times in 2021.

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 down from 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.

Rates last updated on July 29, 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 fallen 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: 2.000%, down from 2.125% last week, -0.125
• 10-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125

Rates last updated on July 29, 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.

Mortgage rates by loan type

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:

• 30 Year Refinance Rates
• 20 Year Refinance Rates
• 15 Year Refinance Rates
• 10 Year Refinance Rates
• 30 Year Mortgage Rates
• 20 Year Mortgage Rates
• 15 Year Mortgage Rates
• 10 Year Mortgage Rates

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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.