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Mortgage interest deduction today: 20-year interest rates fall, others rise | edge July 7, 2021

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Mortgage interest deduction today: 20-year interest rates fall, others rise

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Mortgage interest deduction today: 20-year interest rates fall, others rise | edge July 7, 2021

Check out the mortgage refinancing rates for July 7, 2021, which are largely higher than yesterday. (iStock)

Based on data collected by Credible, current mortgage refinancing rates are trending from yesterday.

  • 30 year fixed rate refinancing: 2.990%, up 2.875%, +0.115
  • 20-Year Fixed Rate Refinancing: 2.500%, lower than 2.750%, -0.250
  • 15-year fixed rate refinancing: 2.250%, up 2.125%, +0.125
  • 10 year fixed rate refinancing: 2.250%, up 2.125%, +0.125

Rates last updated on July 7, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinancing rates continue to fluctuate this week, with rates changing across all time frames. Today’s 20-year refinancing rates are down -0.250 percentage points since yesterday – the lowest since February. This can be a special bargain for homeowners who want to refinance on a shorter term and can take a higher monthly payment to save interest costs over the life of their loan. Meanwhile, 30-year refinancing rates rose to 2.990% and 15- and 10-year rates to 2.250%.

If you think about refinancing your home mortgage, consider using Credible. Whether you’re interested in saving money on your monthly mortgage payments or considering a cash-out refinancing, Credible’s free online tool you can compare the rates of multiple mortgage lenders. You can see prequalified fares in just three minutes.

Current 30-Year Fixed Refinancing Rates

The current rate for a 30-year fixed rate refinancing is 2.990%. This is from yesterday.

Current 20-Year Fixed Refinancing Rates

The current rate for a 20-year fixed rate refinancing is 2,500%. This is less than yesterday.

Current 15-Year Fixed Refinancing Rates

The current rate for a 15-year fixed rate refinancing is 2,250%. This is from yesterday.

Current 10-Year Fixed Refinancing Rates

The current rate for a 10-year fixed-rate refinancing is 2,250%. This is from yesterday.

You can explore your mortgage refinancing options in minutes by going to Credible to compare rates and lenders. View Credible and get prequalified today.

Rates last updated on July 7, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How the mortgage interest deduction has changed

Today, mortgage refinancing rates are usually lower than they were at this time last week.

  • 30-Year Fixed Refinancing Rates: 2.990%, up from 2.875% last week, +0.115
  • 20-Year Fixed Refinancing Rates: 2,500%, down from 2.875% last week, -0.375
  • 15-Year Fixed Refinancing Rates: 2.250%, down from 2.375% last week, -0.125
  • 10-year fixed refinancing rates: 2.250%, down from 2.375% last week, -0.125

Do you think now is the right time to refinance? To understand how much you can save on monthly mortgage payments by refinancing now, crunch the numbers and compare rates using Credible’s free online tool. Within minutes you will see what several mortgage lenders offer.

Rates last updated on July 7, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

The Factors Behind Current Refinancing Rates

Current refinancing rates, such as mortgage rates in general, are influenced by many economic factors, such as unemployment rates and inflation. But your personal financial history also determines the rates you get when refinancing your mortgage.

Larger economic factors

  • Power of the economy
  • Inflation rates
  • employment opportunities
  • consumer spending
  • Residential construction and other market conditions
  • Stock and Bond Markets
  • Interest on 10-year government bonds
  • Federal Reserve Policy

Personal economic factors

How to get your lowest mortgage interest deduction?

If you’re interested in refinancing your mortgage, improving your credit score, and paying off other debts, you can: 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.

Borrowers can save an average of $1,500 over the life of their loan by purchasing 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, shop around and compare the rates of multiple mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified fares in just three minutes.

Credible also works with a home insurance broker. If you are looking for a better price on home insurance and considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy and the whole process can be completed completely online.

Mortgage rates by loan type type

If you’re looking for lower monthly payments on an existing home, Credible can help you monitor current mortgage rates and find the right loan for your financial goals.

Before you dive in mortgage refinancing, make sure to check out these loan rates, which you can compare by annual percentage (April), as well as interest:

Do you have a financial question, but don’t know who to ask it? Email The Credible Money Expert at [email protected] and your question can be answered by Credible in our Money Expert column.

A credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance and more.

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