Posted in home improvement loans

How to land an ultra-low 15-year mortgage rate for your refinance

How to land an ultra-low 15-year mortgage rate for your refinance
How to land an ultra-low 15-year mortgage rate for your refinance

Thanks to this year’s historically low mortgage rates, refinancing remains a popular activity among homeowners — and it has taken on more urgency as a new refi fee threatens to push rates higher this fall.

A 30-year fixed-rate mortgage might be a borrower’s automatic first choice for a refi loan. But if you’ve been in your house a few years, refinancing to a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments on a 15-year home loan can be steeper, but the interest rates are lower: currently near an all-time low at an average 2.37%, which is one-half of 1 percentage point (0.50) below the typical 30-year mortgage rate, according to mortgage company Freddie Mac.

Some borrowers in 2020 have been able to score 15-year rates in the low

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Mortgage rates dip slightly as Americans rush to refinance their home loans

Mortgage rates are flirting with another record low — and that means the boom in refinancing has not yet finished.



a car parked in front of a house: Americans are rushing to refinance, but homeowners shouldn’t necessarily expect mortgage rates to continue hitting record lows.


© Getty Images
Americans are rushing to refinance, but homeowners shouldn’t necessarily expect mortgage rates to continue hitting record lows.

The 30-year fixed-rate mortgage averaged 2.87% for the week ending Oct. 8, down one basis point from the week prior, Freddie Mac (FMCC)reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.

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The 15-year fixed-rate mortgage rose by a basis point to an average of 2.37%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped one basis point to 2.89% on average.

Mortgage rates usually roughly follow the direction of the 10-year Treasury note’s yield (BX:TMUBMUSD10Y) which trended upward this week. That’s not what happened this week, though.

“Typically, Treasury yields and mortgage rates have a close relationship, with

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How to check ‘refinance your mortgage’ off your list this weekend

How to check 'refinance your mortgage' off your list this weekend
How to check ‘refinance your mortgage’ off your list this weekend

Instead of spending another weekend quarantining in front of Netflix or reuniting on Zoom with classmates or former co-workers you barely remember, why not do something really valuable?

Mortgage rates in 2020 have never been lower: The average for a 30-year fixed-rate mortgage dropped below 3% for the first time, and some lenders are offering loans at 2.50% and even lower.

So this weekend, why not start the ball rolling on a mortgage refinance that will cut your housing costs?

Chances are, it’s time for you to refi. The data firm Black Knight recently said 19.3 million mortgage holders are ripe for a refinance and could save an average $299 per month. Close to 2.5 million could save $500 a month or more.

Sure, with a refinance there are forms to fill out, tax returns and other documents

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How to Refinance Your Mortgage: Rates & Fees

Interest rates continue to hover near historical lows, so it’s not too late to lock in a lower mortgage payment for potentially the next decade or more. But a mortgage refinance isn’t necessarily the right choice for everyone. You’ll need to consider a number of variables, and it’s important to understand the terms lenders use in a refinance and how the process works.

So before you start down the mortgage refinance path, take a look at our guide on how to refinance your mortgage and learn all the ins and outs — it’ll help you decide if a refinance makes sense for you.

Refinancing is the process of paying off your existing mortgage with the funds from a new mortgage. While most people refinance to take advantage of a lower interest rate on a new loan, other reasons to refinance include switching mortgage companies, changing the terms of your loan

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Rate and Term Refinance: When to Consider It

A rate and term refinance is a loan improvement. You exchange your old mortgage for a new one that (hopefully) leaves you in a better financial position.

You may be able to accomplish one or more goals with a rate and term refinance, such as:

  • Lowering your monthly payment.

  • Reducing the amount of interest you pay over the long term.

  • Building equity in your home and paying it off faster.

  • Changing the type of loan you have, from an adjustable-rate to a fixed-rate mortgage or an FHA to a conventional loan, for example.

  • Eliminating mortgage insurance.

When to consider a rate and term refinance

Several situations might prompt you to consider a rate and term refinance. Mortgage rates moving significantly lower might be one. Having an adjustable-rate mortgage approach the end of its initial fixed-rate guarantee could be another.

Other scenarios that might present an excellent opportunity to refinance your

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Here Are Today’s Best Mortgage & Refinance Rates for September 10, 2020

Borrowers with 700 credit scores were quoted an average rate of 3.433% to secure a 30-year fixed-rate purchase mortgage on Wednesday, according to Money’s survey of over 8,000 lenders across the United States. At this credit score, roughly the national average, the average rate for a 30-year refinance was 4.366%. Our rates include discount points and are for borrowers putting 20% down.



a close up of a sign: Mortgage-Rate-Sept-10


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Mortgage-Rate-Sept-10

30-year fixed-rate purchase mortgage
3.433%
Rate of September 9, 2020

Borrowers in Washington, D.C. were quoted the lowest mortgage rates on Wednesday—at 3.258%. Those in Georgia saw the highest average rate at 3.678%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.088%, while those with credit of 640 or below were given rates of 4.892%—a 1.804 percentage point spread.

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You may be able to negotiate a lower rate if you shop around or if you

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