When mortgage rates first fell to a 50-year historic low earlier this year, refinance applications went through the roof. You should also consider refinancing options from the Federal Housing Administration, the Department of Agriculture and the Veterans Administration for military households. Today's best mortgage and refinance rates: Monday, December 21, 2020. Money’s mortgage rates … If rates decrease before you close, some lenders will give you the lower rate. If you initially get a mortgage with a rate of 5% and learn you can refinance to a mortgage with a rate of 4%, you might decide it’s worth the cost and trouble of refinancing to nab that lower rate. The rate for a 15-year fixed mortgage also hit a new low and dropped from 2.43% to 2.37% in the same time period. But there is a potential downside to refinancing: The cost, as closing costs on a refinance typically run about $4,000. Fixed rate: A fixed-rate mortgage keeps the same interest rate throughout the entire loan term, and your monthly mortgage payment will stay the same. Laura Grace Tarpley. The services of refinance mortgage companies have been in huge demand in 2020, with record low interest rates meaning hundreds of dollars can be wiped off monthly mortgage payments simply by moving to a new mortgage. 2020-12-21T13:17:19Z The letter F. An envelope. 5 ways to get the lowest mortgage refinance rates Refinance rates valid as of 11 Dec 2020 10:00 am EST and assume borrower has excellent credit (including a credit score of 740 or higher). The average rate for a 30-year refinance was 4.089%. Estimate your new monthly mortgage payment, savings and breakeven point. Our refinance lender shortlist includes top picks that offer an array of valuable perks, including some with the best refinancing rates, no origination fees, low closing costs, and fast closing. The lure of refinancing right now is powerful with interest rates hovering near historic lows. All lenders base their refinance rates on the 10-year U.S. Treasury term plus a spread. It indicates the ability to send an email. You don’t have to worry about costs going up, but you can’t benefit if market rates fall unless you refinance. Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. How do lenders determine mortgage refinance rates? The average rate for a 30-year fixed-rate purchase mortgage was 3.171% on Friday. Try our easy-to-use refinance calculator and see if you could save by refinancing. Fixed-rate mortgages are available in different lengths, like 15 and 30 years, and there is also adjustable-rate refinancing. But getting a lower refinance mortgage rate is not the end goal in itself. Your new interest rate is the daily rate for the day you apply. Although the changes are slight, mortgage rates change daily. 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