Today's mortgage refinance rates — two key rates down | October 15, 2020

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Check out the mortgage refinancing rates for October 15, 2020, which are down, though 30-year fixed refinance rates remain even from last week. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage refinance rates continue to hover at historic lows, with rates for 20-year fixed refinance and 15-year-fixed refinance slightly down since last week:

  • 30-year fixed refinance: 3.000%, the same as last week
  • 20-year fixed refinance: 2.875%, down from 3.000% last week, -0.125
  • 15-year fixed refinance: 2.375%, down from 2.500% last week, -0.125

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re thinking of refinancing, consider using Credible. You can use Credible's free online tools to easily compare multiple lenders and see prequalified rates in as little as three minutes.

Current 30-year fixed-rate refinance

The current rate for a 30-year fixed-rate refinance is 3.000%. This is the same as this time last week. 

Current 20-year fixed-rate refinance

The current rate for a 20-year fixed-rate refinance is 2.875%. This is down from this time last week. 

Current 15-year fixed-rate refinance

The current rate for a 15-year fixed-rate refinance is 2.375%. This is down from this time last week. 

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

How mortgage refinance rates have changed

Today, mortgage refinancing rates remain unchanged from yesterday:

  • 30-year fixed-rate refinance: 3.000%, Unchanging
  • 20-year fixed-rate refinance: 2.875%, Unchanging
  • 15-year fixed-rate refinance: 2.375%, Unchanging

To understand just how much you could save on monthly mortgage payments by refinancing now, crunch the numbers and compare rates using Credible's free online tool. Within minutes, you can see what multiple mortgage lenders are offering.

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

Current mortgage refinancing rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

Larger economic factors

  • Strength of the economy
  • Inflation rates
  • Employment
  • Consumer spending
  • Housing construction and other market conditions
  • Stock and bond markets
  • 10-year Treasury yields
  • Federal Reserve policies

Personal economic factors

  • Credit score
  • Credit history
  • Down payment size
  • Loan-to-value ratio
  • Loan size, type, and term
  • Debt-to-income ratio
  • Location of the property

How to get your lowest mortgage refinance rate

If you want the best mortgage refinance rate, 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 your mortgage, 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. 

Be sure to shop around and compare rates with multiple lenders if you decide to refinance. You can do this easily with Credible’s free online tools and see your prequalified rates in only three minutes.

Mortgage rates by loan type

Whether you’re looking for a 30- or 15-year mortgage or want to refinance, Credible can help you find the right mortgage for your situation: