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Mortgage refinance rates on July 7, 2021: Rates tick lower

Mortgage refinance rates on July 7, 2021: Rates tick lower

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John Greim/Getty

Numerous important refinance rates declined today.

Both 15-year fixed and 30-year fixed refinances saw their mean rates decrease. In addition, the average rate on 10-year fixed refinance also trailed off.

Although refinance rates fluctuate , they have been quite low recently. For those looking to lock in a good rate, now is an optimal time to refinance a house. Before refinancing, remember to consider your personal needs and financial situation, and compare offers from multiple lenders to find the right one for you.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.14%, a decrease of 6 basis points from what we saw one week ago. (A basis point is equivalent to 0.01%.)

A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. However, interest rates for a 30-year refinance will typically be higher than rates for a 15-year or 10-year refinance. It’ll also take you longer to pay off your loan.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 2.45%, a decrease of 5 basis point over last week.

Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. On the other hand, you’ll save a money on interest, since you’ll pay off the loan sooner. You’ll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 2.47%, a decrease of 4 basis points compared to one week ago.

Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can help you pay off your house much quicker and save on interest. However, you should analyze your budget and current financial situation to make sure you’ll be able to afford the higher monthly payment.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates supplied by lenders across the US:







Average refinance interest rates
Product Rate Last week Change
30-year fixed refi 3.14% 3.20% -0.06
15-year fixed refi 2.45% 2.50% -0.05
10-year fixed refi 2.47% 2.51% -0.04

Rates as of July 7, 2021.

How to shop for refinance rates

When searching for refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’re offered. Your interest rate will be influenced by market conditions as well as your credit history and application.

To get the best interest rates, you’ll typically need a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments. To get your personalized refinance rates, you’ll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. Also remember to account for potential fees and closing costs.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

Before applying for a refinance, you should make your application as strong as possible in order to get the best rates available. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. Also be sure to compare offer from multiple lenders in order to get the best rate.

Is now a good time to refinance?

Generally, it’s a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It’s true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner — or for a combination of reasons? Also keep in mind that closing costs and other fees may require an upfront investment.

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates — or even a refinance at all — if you don’t meet their standards.Refinancing at a lower interest rate can save you money in the long run and help you pay off your loan sooner. But a careful cost-benefit analysis is necessary to confirm that doing so makes sense.

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