Today’s mortgage refinance rates — one rate plummets to 63-day low | December 9, 2020

By Chris Jennings
Published  December 9, 2020 11:06am CST
Sponsored by Credible, which is majority owned by our parent, Fox Corporation. Credible is solely responsible for its services.

Check out the mortgage refinancing rates for December 9, 2020, which are mostly from yesterday — with one exception. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance rates have remained mostly unchanged since yesterday, with one notable exception. Rates for 15-year fixed refinance have dropped back down to 2.125% — the lowest rate seen in the past 63 days. Overall, average rates for mortgage refinance remain low, hovering well under 3%.

  • 30-year fixed-rate refinance: 2.625%, Unchanging
  • 20-year fixed-rate refinance: 2.625%, Unchanging
  • 15-year fixed-rate refinance: 2.125%, Down from 2.250%, -0.125

Rates last updated on December 9, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re thinking of refinancing your home mortgage, consider using Credible. Whether you're interested in saving money on your monthly mortgage payments, or considering a cash-out refinance, Credible's free online tool will let you compare rates from multiple mortgage lenders. You can 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 2.625%. This is the same as yesterday.

Current 20-year fixed-rate refinance

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

Current 15-year fixed-rate refinance

The current rate for a 15-year fixed-rate refinance is 2.125%. This is down from yesterday.

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 December 9, 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 fallen across the board compared to this time last week.

  • 30-year fixed refinance: 2.625%, down from 2.750% last week, -0.125
  • 20-year fixed refinance: 2.625%, down from 2.750% last week, -0.125
  • 15-year fixed refinance: 2.125%, down from 2.250% last week, -0.125

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.

Rates last updated on December 9, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s refinance rates

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

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 type, size, and term
  • Debt-to-income ratio
  • Location of the property

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.

If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. 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 a first-time homebuyer shopping for mortgage loans, or you’re seeking lower monthly payments on an existing home, Credible can help you find the right mortgage for your financial goals.

Be sure to check out these loan rates, which you’ll be able to compare by annual percentage rate (APR) as well as interest rate:

More resources on mortgage refinance

Want to learn more about refinancing your home loan? Take a look at the following articles: