Mortgage refinancing today is cheaper than ever with rates below 3%, no unfavorable market fees

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Homeowners can save more than ever on refinancing, thanks to the early closing of the Adverse Market Refinance Fee. (iStock)

It has now become even cheaper to refinance a mortgage, thanks to historically low interest rates and the elimination of a 0.5% refinancing fee for lenders.

Now that lenders don’t have to pay the Adverse Market Refinance Fee, they can pass the cost savings on to borrowers. The Enterprises (Fannie Mae and Freddie Mac) got rid of this fee earlier than expected, giving borrowers the opportunity to take advantage of interest rates while still near record lows.

The chance to score a dirt-cheap mortgage refinance won’t stay open forever, although. Mortgage rates are expected to rise at the end of 2021 and, according to some estimates, may approach 5% by 2023.

Don’t miss the chance to get a mortgage interest deduction of less than 3%. You can compare refinancing offers from multiple lenders without affecting your credit score on Credible.


Eliminating the unfavorable refinancing fee makes refinancing cheaper than before

The Federal Housing Finance Agency (FHFA) introduced the Adverse Market Refinance Fee in December 2020 to cover losses as a due to the COVID-19 pandemic-19. But with a stable economic recovery and a low percentage of borrowers still in Covid-19 tolerance, the FHFA was able to remove this fee earlier than expected to “help families lower their housing costs.” according to a statement.

Effective August 1, 2021, lenders will no longer be required to pay this fee, and the FHFA expects lenders to return the cost savings to borrowers.

“The COVID-19 pandemic has financially exacerbated the US crisis in affordable housing. By eliminating the unfavorable refinancing fee to the market, families can take advantage of the low interest rate environment to save more money. Today’s action promotes the FHFA’s priority is to support affordable housing while ensuring the safety and soundness of the Enterprises.”

– FHFA Acting Director Sandra L. Thompson

While the refinancing costs of the unfavorable market won’t technically be eliminated for a few more weeks, mortgage lenders can adjust their rates starting today. That’s because loans that have now arisen will only be taken out after August 1.

This means that borrowers can immediately benefit from low-cost mortgage refinancing. To save money on your housing costs, visit Credible to lock your mortgage interest deduction below 3%.


Mortgage rates are now low, but expected to rise soon snel

By refinancing your home loan at a lower rate, you may be able to lower your monthly mortgage payments, pay off your debt faster, and save money over the life of your home loan.

Over the past few months, 30-year interest rates floating at or below 3%, according to data from Credible. These are the most current mortgage interest rates as of July 19:

  • 30-year refinancing rate: 2,750%
  • Refinancing rate at 20 years: 2,750%
  • 15-year refinancing rate: 2,250%
  • 10-year refinancing rate: 2,000%

But mortgage rates fluctuate over time, and current rates won’t last forever. That’s because mortgage rates are affected by demand, as well as the Federal Reserve’s interest on the 10-year Treasury yield.

The Fed predicts two rate hikes by 2023, and these rate hikes will raise mortgage rates. The Association of Mortgage Bankers (MBA) expects the 30-year yield to rise to 4.2% in 2022 and 4.9% in 2023.

While the future of mortgage rates can be difficult to predict, it is likely that interest rates will rise sooner rather than later. It is more important than ever to act quickly if you want to achieve a historically low rate on your refinancing.

The table below shows the mortgage interest rates of real lenders. To view estimated interest rates tailored to your financial situation, get your approval in advance on Credible.


Don’t wait to start the refinancing process

If you haven’t already your home loan refinanced, the time to do that is now. By refinancing to a lower interest rate, you can save money on your mortgage payments and lower the interest you pay on your home loan over time.

Refinancing a mortgage is easy, but you don’t have to do it alone. Contact an expert loan expert on Credible who can answer all your questions and guide you in refinancing your home loan.


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

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