Today’s mortgage refinance rates cling to last week’s lows on the eve of the election | November 2, 2020


Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

View mortgage refinance rates for November 2, 2020, which are unchanged from last Friday. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinance rates have remained unchanged since last Friday. Average rates remain exceptionally low by historical standards, hovering below 3%.

  • Fixed refinancing over 30 years: 2.875%, unchanged
  • Fixed refinancing over 20 years: 2.875%, unchanged
  • Fixed refinancing over 15 years: 2.375%, unchanged

Rates last updated on November 2, 2020. These rates are based on the assumptions presented here. Actual rates may vary.

If you are considering refinancing your home loan, consider using Credible. Whether you want to save money on your monthly mortgage payments or are considering a cash-out refinance, Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.

Current refinancing at fixed rate over 30 years

The current rate for a 30-year fixed rate refinance is 2.875%. It’s the same as last Friday.

Current refinancing at fixed rate over 20 years

The current rate for a 20-year fixed rate refinance is 2.875%. It’s the same as last Friday.

Current refinancing at fixed rate over 15 years

The current rate for a 15-year fixed rate refinance is 2.375%. It’s the same as last Friday.

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

Rates last updated on November 2, 2020. These rates are based on the assumptions presented here. Actual rates may vary.

How Mortgage Refinance Rates Have Changed

Today, mortgage refinance rates were mostly down from last week.

  • Refinancing at a fixed rate over 30 years: 2.875%, down from 3.000% last week, -0.125
  • Refinancing at a fixed rate over 20 years: 2.875%, down from 3.000% last week, -0.125
  • Refinancing at a fixed rate over 15 years: 2.375%, the same as last week

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

Rates last updated on November 2, 2020. These rates are based on the assumptions presented here. Actual rates may vary.

The Factors Driving Today’s Refinance Rates

Current refinance rates, like mortgage interest rates in general, are influenced by many economic factors, such as the number of unemployed and inflation. But your personal financial history will also determine the rates you’ll be offered when refinancing your mortgage.

More important economic factors

  • strength of the economy
  • Inflation rate
  • Use
  • 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
  • Deposit size
  • Loan-to-value ratio
  • Loan type, size and term
  • Debt to income ratio
  • Property location

How to get your lowest mortgage refinance rate

If you want to refinance your mortgage, improve your credit score, and pay off any other debt, you could secure 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.

According to a study by Freddie Mac. Credible can help you compare multiple lenders at once in just minutes.

If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. You can do it easily with Credible’s free online tool and view your pre-qualified rates in just three minutes.

Mortgage rates by type of loan

Whether you’re a first-time homebuyer looking for a mortgage or looking for 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 can compare by annual percentage rate (APR) as well as interest rate:

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