Today's mortgage refinance rates edge up, but still at historic lows | July 30, 2021

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Check out the mortgage refinancing rates for July 30, 2021, which are largely up from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates rose slightly for shorter terms since yesterday. Still, mortgage rates across all repayment terms remained low throughout the final week of July.

30-year fixed mortgage rates: 2.750%, unchanged
20-year fixed mortgage rates: 2.625%, up from 2.500%, +0.125
15-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125
10-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

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

Mortgage refinance rates have been at historic lows throughout the summer, and ended July at bargain lows, despite day-to-day fluctuations. Homeowners looking to shorten their repayment period can do so at rates that will result in significant interest savings over the life of their loans.

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 2.625%. This is up from yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.125%. This is up from yesterday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is up from 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 July 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 have risen for shorter repayment terms and held steady for longer ones compared to this time last week.

30-year fixed mortgage rates: 2.750%, the same as last week
20-year fixed mortgage rates: 2.625%, the same as last week
15-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
10-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125

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 July 30, 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 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.