Monday win: 30-year mortgage refinance rates slide again | August 16, 2021

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By Chris Jennings

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Chris Jennings

Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.

Updated October 16, 2024, 2:37 AM EDT

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  • 30-year fixed-rate refinance: 2.750%, down from 2.875%, -0.125
  • 20-year fixed-rate refinance: 2.625%, unchanged
  • 15-year fixed-rate refinance: 2.125%, unchanged
  • 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on August 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates have held at historic lows throughout the year, with all rates remaining below 3% since early July. But rates can fluctuate daily, so homeowners looking to take advantage of today’s drop in 30-year mortgage refinance rates should act today to lock in the lowest available rate.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed-rate refinance is 2.750%. This is down from last Friday.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed-rate refinance is 2.625%. This is the same as last Friday.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed-rate refinance is 2.125%. This is the same as last Friday.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed-rate refinance is 2.125%. This is the same as last Friday.

Rates last updated on August 16, 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 mixed compared to this time last week.

  • 30-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.125
  • 20-year fixed refinance rates: 2.625%, down from 2.750% last week, -0.125
  • 15-year fixed refinance rates: 2.125%, the same as last week
  • 10-year fixed refinance rates: 2.125%, the same as last week

Rates last updated on August 16, 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.

Mortgage rates by loan type

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:

  • 30 Year Refinance Rates
  • 20 Year Refinance Rates
  • 15 Year Refinance Rates
  • 10 Year Refinance Rates
  • 30 Year Mortgage Rates
  • 20 Year Mortgage Rates
  • 15 Year Mortgage Rates
  • 10 Year Mortgage Rates

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] 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.

Meet the contributor:
Chris Jennings
Chris Jennings

Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.

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Fox Money is a property of Credible Operations, Inc., which is majority-owned indirectly by Fox Corporation. This material may not be published, broadcast, rewritten, or redistributed. All rights reserved. Use of this website (including any and all parts and components) constitutes your acceptance of Fox's Terms of Use and Updated Privacy Policy | Your Privacy Choices.