Today's mortgage refinance rates edge up across all terms

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Check out the mortgage refinancing rates for August 9, 2021, which are up from last Friday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have risen across all terms compared to last Friday’s.

30-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
20-year fixed-rate refinance: 2.750%, up from 2.500%, +0.250
15-year fixed-rate refinance: 2.125%, up from 2.000%, +0.125
10-year fixed-rate refinance: 2.125%, up from 2.000%, +0.125

Rates last updated on August 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Though today’s mortgage refinance rates are up compared to last week, homeowners who are looking to refinance can still find interest savings. Rates for a 30-year term, which are the most common, have held well below 3% for 25 consecutive days. Homeowners who can swing a higher monthly payment can still find a bargain with 15-year or 10-year rates, which are sitting at a low rate of 2.125%.

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 last Friday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.750%. This is up from last Friday.

Current 15-year fixed refinance rates

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

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is up from 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 9, 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 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: 2.750%, up from 2.625% last week, +0.125
15-year fixed refinance rates: 2.125%, up from 2.000% 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 August 9, 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.

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.