Today's mortgage refinance rates inch back up | January 8, 2021

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Check out the mortgage refinancing rates for January 8, 2021, which are trending up from yesterday. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance rates have risen since yesterday. Though 30-year and 20-year fixed mortgages did creep higher, 15-year rates held firm at 2.000%, a record low that was first achieved yesterday.

30-year fixed-rate refinance: 2.625%, Up from 2.500%, +0.125
20-year fixed-rate refinance: 2.625%, Up from 2.500%, +0.125
15-year fixed-rate refinance: 2.000%, Unchanging

Rates last updated on January 8, 2021. 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 up from yesterday.

Current 20-year fixed-rate refinance

The current rate for a 20-year fixed-rate refinance is 2.625%. This is up from yesterday.

Current 15-year fixed-rate refinance

The current rate for a 15-year fixed-rate refinance is 2.000%. This is the same as 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 January 8, 2021. 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 compared to this time last week.

30-year fixed refinance: 2.625%, the same as last week
20-year fixed refinance: 2.625%, the same as last week
15-year fixed refinance: 2.000%, down from 2.125% last week, -0.125

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

Rates last updated on January 8, 2021. 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.

Credible is also partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it's fast, easy, and the whole process can be completed entirely online.

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: