The average rate for a 30-year fixed-rate purchase mortgage was 3.171% on Friday. Fixed-rate mortgages are available in different lengths, like 15 and 30 years, and there is also adjustable-rate refinancing. Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. The good news: You can score a no-closing cost refinance. The average rate for a 30-year refinance was 4.089%. When mortgage rates first fell to a 50-year historic low earlier this year, refinance applications went through the roof. Laura Grace Tarpley. Although the changes are slight, mortgage rates change daily. You should also consider refinancing options from the Federal Housing Administration, the Department of Agriculture and the Veterans Administration for military households. How do lenders determine mortgage refinance rates? The best refinance mortgage companies are where mortgage borrowers should look if they want to switch to a better mortgage deal. You don’t have to worry about costs going up, but you can’t benefit if market rates fall unless you refinance. Fixed rate: A fixed-rate mortgage keeps the same interest rate throughout the entire loan term, and your monthly mortgage payment will stay the same. Our refinance lender shortlist includes top picks that offer an array of valuable perks, including some with the best refinancing rates, no origination fees, low closing costs, and fast closing. But getting a lower refinance mortgage rate is not the end goal in itself. All lenders base their refinance rates on the 10-year U.S. Treasury term plus a spread. If rates decrease before you close, some lenders will give you the lower rate. The lure of refinancing right now is powerful with interest rates hovering near historic lows. If you initially get a mortgage with a rate of 5% and learn you can refinance to a mortgage with a rate of 4%, you might decide it’s worth the cost and trouble of refinancing to nab that lower rate. 5 ways to get the lowest mortgage refinance rates Refinance rates valid as of 11 Dec 2020 10:00 am EST and assume borrower has excellent credit (including a credit score of 740 or higher). Money’s mortgage rates … It indicates the ability to send an email. Estimate your new monthly mortgage payment, savings and breakeven point. Today's best mortgage and refinance rates: Monday, December 21, 2020. In many cases, it’s to pay a lower interest rate on their home loan. Your new interest rate is the daily rate for the day you apply. The rate for a 15-year fixed mortgage also hit a new low and dropped from 2.43% to 2.37% in the same time period. 2020-12-21T13:17:19Z The letter F. An envelope. 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