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Today’s 20-Year Mortgage Refinance Rates Go Down | January 11, 2022

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View mortgage refinancing rates for January 11, 2022, most of which are up from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates rose for three key terms and fell for a medium term from yesterday.

  • Refinancing at a fixed rate over 30 years: 3.750%, compared to 3.625%, + 0.125
  • Refinancing at a fixed rate over 20 years: 3.375%, vs. 3.625%, -0.250
  • Refinancing at a fixed rate over 15 years: 3.000%, compared to 2.625%, +0.375
  • Refinancing at a fixed rate over 10 years: 2.750%, compared to 2.625%, + 0.125

Prices last updated on January 11, 2022. These prices are based on the assumptions presented here. Actual rates may vary.

Mortgage rates for all terms continue to climb, in line with experts’ forecasts. But it’s not all bad news for homeowners considering refinancing. Rates for a 20-year term fell to 3.375% today. And the rates for a 10-year term remain well below 3%, so homeowners who can handle a higher monthly payment will save the most on interest with that shorter term.

These rates are based on the assumptions presented here. Actual rates may vary.

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider cash-out refinancing, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 3.750%. It’s since yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage might lower your interest rate, but might not have much of an effect on your total interest charges or your monthly payment. Refinancing a short-term mortgage to a 30-year refinance could result in a lower monthly payment, but higher total interest charges.

Current fixed refinancing rates over 20 years

The current rate for a 20 year fixed rate refinance is 3.375%. This is down from yesterday. By refinancing a 30-year loan to a 20-year refinance, you could earn a lower interest rate and lower your total interest charges over the life of your mortgage. But you can get a higher monthly payment.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 3000%. It’s since yesterday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest charges and maintaining a reasonable monthly payment.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.750%. It’s since yesterday. Refinancing over 10 years will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a larger monthly mortgage payment.

You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.

Prices last updated on January 11, 2022. These prices are based on the assumptions presented here. Actual rates may vary.

What are the different types of refinancing?

Refinancing your mortgage essentially means taking out a new mortgage to pay off your current home loan. But your reasons for wanting to refinance can affect the type of mortgage refinance you choose.

Here are four types of refinancing to consider.

Rate and term refinancing

This type of refinancing is probably what a lot of people think of when considering refinancing their mortgage. As the name suggests, a rate and term refinance changes the rate, repayment period – or both – of your current mortgage by paying it off and replacing it with a new mortgage. With rate and term refinancing, you would be borrowing exactly the amount you need to pay off your current mortgage.

Refinancing of collection

Like interest rate and term refinancing, withdrawal refinancing can change the rate, the term, or both. But with this type of refinancing, you are borrowing more than you need to pay off your current loan and taking that balance in cash. This is only possible if you have sufficient equity in your home.

Refinancing of collections

As with other types of refinancing, a cash refinance replaces your current mortgage with one that has a different interest rate and / or term. But for your new loan, you’ll also make a lump sum payment to reduce the principal balance on your new mortgage. Of course, if you have the money to make a lump sum payment, you can just pay extra on the principal of your current loan. But making this payment as part of a refinance allows you to reap the interest savings that can come from refinancing.

FHA streamline refinancing

This type of refinance is only available to people who have FHA mortgages. It offers the same basic benefits as other types of refinancing but requires less paperwork. Certain limitations apply. For example, you can’t be behind on your current mortgage, and you can’t withdraw more than $ 500.

How To Get Your Lowest Mortgage Refinance Rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt could guarantee you a lower rate. It’s also a good idea to compare the rates of different lenders if you are hoping to refinance to find the best rate for your situation.

According to a study by Freddie mac.

Be sure to shop around and compare the rates of several mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

How does Credible calculate the refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the development of mortgage refinancing rates. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage refinance rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

Can you negotiate the refinancing rates?

Negotiation is often possible in real estate transactions, and you may be able to work with your lender to negotiate a lower refinance rate.

Having a good to excellent credit score, a low debt-to-income ratio, and a good income can help in negotiations. Being open to compromise can also help. For example, your lender may accept a lower interest rate if you are willing to pay mortgage discount points up front.

The best way to make sure you’re getting the lowest interest rate possible is to compare the rates and loans of multiple mortgage lenders.

Credible is also a partner of a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider hiring an online broker. You can compare quotes from the top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Do you think this might be a good time to refinance? To understand how much you could save on monthly mortgage payments by refinancing now, calculate the numbers and compare rates using Credible’s free online tool. In a matter of minutes, you can see what many mortgage lenders are offering.

Prices last updated on January 11, 2022. These prices are based on the assumptions presented here. Actual rates may vary.

Have a finance-related question, but you don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.