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Today's mortgage refinance rates mixed — one key rate drops while two inch upward | October 22, 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, all opinions are our own.

Check out the mortgage refinancing rates for October 22, 2020 which are mixed compared to last week. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage refinance rates are mixed compared to last week, with 30-year fixed refinance rates dipping while 20-year and 15-year fixed refinance rates rose slightly.

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  • 30-year fixed-rate refinance: 2.875%, down from 3.000% last week, -0.125 
  • 20-year fixed-rate refinance: 3.000%, up from 2.875% last week, +0.125
  • 15-year fixed-rate refinance: 2.625%, up from 2.375% last week, +0.25

Rates last updated on October 22, 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 tool 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 2.875%. This is down from this time last week.

Current 20-year fixed-rate refinance

The current rate for a 20-year fixed-rate refinance is 3.000%. This is up from this time last week.

Current 15-year fixed-rate refinance

The current rate for a 15-year fixed-rate refinance is 2.625%. This is up 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.

Rates last updated on October 22, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage refinance rates have changed

Today, mortgage refinance rates have remained largely unchanged compared to yesterday, with 30-year fixed-rate refinance rates declining slightly.

  • 30-year fixed-rate refinance: 2.750%, Down, -0.250
  • 20-year fixed-rate refinance: 3.000%, Unchanging
  • 15-year fixed-rate refinance: 2.625%, Unchanging

If you think refinancing is the right move, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in as little as three minutes.

Rates last updated on October 22, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

Current mortgage refinance 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 tool 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: