5-year variable rates fell below 3% for the second time.

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Borrowers with excellent credit ratings who use Credible to refinance student loans saw their rates drop respectively for 10-year fixed-rate loans and 5-year variable-rate loans.

Borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender during the week of February 21, 2022 will be eligible for the following:

Refinance rates for 10-year fixed-rate mortgages averaged 3.71% this week, down from 3.75% the previous week and 3.73% a year earlier. It was during the week of November 22 that interest rates for this term fell to their lowest point in 2021, at 3.35%.

A year ago, the average 5-year variable rate refinance loan rate was 3.56%, but it was 2.92% this week, compared to 3.10% the week before and 3.56% one year ago.

In the week of November 22, rates for this term fell to their lowest level since the start of 2021, when they were 2.41%.

Student loan refinance interest rate trends for the week

If you want to know what kind of student loan refinance rates you might qualify for, you can use an online tool like Credible to compare rates from several private lenders. Checking your interest rates will have no effect on your credit score.

Student loan refinance rates based on FICO scores are currently available.

Interest and payments on federal student loans have been postponed until at least May 1, 2022, to ease the economic effects of the COVID-19 outbreak, which began in April.

Because of this relief, there is little incentive to refinance federal student loans while it is in effect. However, many borrowers who have private student loans are taking advantage of the low interest rate environment to refinance their student debt at a more favorable interest rate.

The interest rate you may be offered if you qualify for student loan refinancing will be determined by a variety of criteria, including your FICO score, the type of loan you are seeking (fixed or variable rate), and the length of time you expect to repay your student loans.

The chart above illustrates how good credit can help you get a lower interest rate, as well as how rates are often higher on loans with fixed interest rates and longer repayment terms. long.

You should research the rates of various lenders so that you can compare your options, as each lender has their own unique method of analyzing borrowers. Requesting rates from multiple lenders will allow you to assess your options. A student loan refinance calculator will help you estimate how much you could save on your student loans.

If you have bad credit and want to refinance, you may need to apply with a co-signer to be approved. Another option is to improve your credit score before submitting an application. Many lenders will allow children to refinance parent PLUS loans in their own name after they graduate from high school or college.

You can use Credible to compare interest rates from multiple private lenders at the same time without your credit score being affected in any way.

The process by which interest rates for student loan refinancing are determined
The student loan refinance rates charged by private lenders vary depending on several factors, including the economic and interest rate environment, the length of the loan, the type of loan (fixed rate or variable rate), the creditworthiness of the borrower, as well as the lender’s operating costs and profit margin.

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