Today's 15-year mortgage refinance rates sink to 22-day low | Sept. 8, 2021

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Check out the mortgage refinancing rates for Sept. 8, 2021, which are mixed from yesterday. (iStock)

Based on data compiled by Credible, two key mortgage refinance rates rose, one fell and one remained unchanged compared to yesterday.

30-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
20-year fixed-rate refinance: 2.500%, unchanged
15-year fixed-rate refinance: 2.000%, down from 2.125%, -0.125
10-year fixed-rate refinance: 2.125%, up from 2.000%, +0.125

Rates last updated on Sept. 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Today’s 15-year mortgage refinance rates dipped down to just 2% today — the lowest in 22 days. This shorter term could provide exceptional interest savings for homeowners looking to refinance who can manage a higher monthly payment. For homeowners who want to save on interest but maintain a smaller monthly payment, a 20-year term is also a good deal. Rates for this term have held firmly at 2.500% for the past seven business days.

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 up from yesterday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.500%. This is the same as yesterday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.000%. This is down 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 Sept. 8, 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%, the same as last week
15-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.125
10-year fixed refinance rates: 2.125%, up from 2.000% last week, +0.125

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 Sept. 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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 — $5,000 on average, according to Freddie Mac — when refinancing your mortgage.

What is the average cost of a refinance?

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.

When is it worth it to refinance?

Refinancing a mortgage can be a great way to save money. But it’s not always the best move for every homeowner.

People refinance for a number of reasons, including to get a lower interest rate, change their monthly payment amount and lower their interest costs. Generally, if you can lower your interest rate by at least 0.75%, refinancing might be a good move.

Here’s an example of how refinancing can save you money: If you refinance your 30-year, $300,000 loan at 4% into a new 30-year loan with a 3.25% interest rate, you’ll lower your monthly payment from $1,432 to $1,306. That’s a monthly savings of $126, which adds up to $45,360 over the life of the mortgage.

But before you refinance, be sure to weigh closing costs, and calculate how long it will take before your savings from the refinance cover the expenses of refinancing.

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.