Today’s Mortgage Refinance Rate – Two More Downturns | October 20, 2020


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Check mortgage refinance rates for October 20, 2020, which are down from the previous week. (iStock)

Based on data compiled by Reliable Operations, Inc., NMLS number 1681276, mortgage refinancing rates have declined, with two rates falling from this time last week.

  • 30-Year Fixed Refinance: 3.000%, same as last week
  • 20-Year Fixed Refinance: 2.875%, down from 3.000% last week, -0.125
  • 15-Year Fixed Refinance: 2.375%, down from 2.500% last week, -0.125

Rates were last updated on October 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

If you are thinking about refinancing, consider using a reliable one. You can easily use Credible’s free online tool to compare multiple lenders and already see prequalified rates within three minutes.

Current 30-Year Fixed Rate Refinance

The current rate for a 30-year fixed-rate refinance is 3.000%. Last week was the same at this time.

Current 20-Year Fixed Rate Refinance

The current rate for a 20-year fixed-rate refinance is 2.875%. This is down from the previous week.

Current 15-Year Fixed Rate Refinance

The current rate for a 15-year fixed-rate refinance is 2.375%. This is down from the previous week.

You can find out your mortgage refinance options in minutes by going reliable to compare rates and lenders. Check reliable and check in advance today.

Rates were last updated on October 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How has the mortgage refinancing rate changed

Today, the mortgage refinance rate remains the same compared to yesterday.

  • 30-year fixed-rate refinance: 3.000%, irreversible
  • 20-year fixed-rate refinance: 2.875%, irreversible
  • 15-year fixed-rate refinance: 2.375%, irreversible

You can find reliable and refinance mortgage options in minutes to compare rates and lenders. Check reliable and check in advance today.

Rates were last updated on October 20, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Factors behind today’s refinance rate

The current mortgage refinance rate is affected by many economic factors, such as unemployment numbers and inflation. But your personal financial history will also determine the rates you offer.

Major economic factors

  • Strength of economy
  • rate of inflation
  • Employment
  • consumer expenditure
  • Housing Construction and other market conditions
  • Stock and bond market
  • 10 Year Treasury Yields
  • Federal Reserve Policies

Personal economic factors

  • credit score
  • credit history
  • Down payment size
  • Debt-to-value ratio
  • Loan size, type and term
  • Debt-to-income ratio
  • Property location

How to get your lowest mortgage refinance rate

If you want the best mortgage refinance rate, you can get a lower rate by improving your credit score and paying off another loan. It is also a good idea to compare rates from different lenders if you are hoping to refinance your mortgage, so you can find the best rate for your situation.

According to research by Freddie Mac, lenders can save $ 1,500 over the lifetime of their loan and an average of $ 3,000 by shopping for just one additional rate quote on average. Reliable can help you compare multiple lenders at once in a few minutes.

If you decide to refinance make sure to shop and compare rates with several lenders. You can do this easily with reliable online tools and check your prequalify rates in just three minutes.

Mortgage rate by loan type

Whether you are looking for a 30- or 15-year mortgage or want to refinance, Reliable can help you find the right mortgage for your life:

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