Mortgage rates today: 30-year rates open week with a quarter-point drop | August 15, 2022
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Based on data compiled by Credible, mortgage refinance rate have fallen in all terms since last Friday.
Rates last updated on August 15, 2022. These rates are based on the assumptions presented here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.
What does that mean: Mortgage refinance rates fell today, bringing 15 and 10 year rates below 5%. Homeowners looking to refinance may find that 15-year terms offer the best opportunity for a lower interest rate and a manageable monthly payment.
Today’s Mortgage Rates for Buying a Home
Based on data compiled by Credible, mortgage rates for home purchases have fallen on all terms since last Friday.
Rates last updated on August 15, 2022. These rates are based on the assumptions presented here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).
What does that mean: Mortgage rates fell slightly across all tenors today, with 30, 15 and 10 year mortgage rates dropping significantly. Buyers looking for a combination of lower interest rates and manageable monthly mortgage payments may want to consider 15-year rates, as they are currently the lowest available. Shorter terms come with higher monthly payments, but they offer borrowers the chance to get out of their mortgage sooner.
To find great mortgage rates, start by using Credible’s secure website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.
How mortgage rates have changed over time
Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.
The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates. When considering a mortgage refinance or purchase, it’s important to consider closing costs such as appraisal, application, origination, and attorney’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.
Are you looking to buy a house? Credible can help you compare current rates from multiple mortgage lenders both in minutes. Use Credible’s online tools to compare rates and get prequalified today.
Thousands of Trustpilot reviewers rate Credible as “excellent”.
How Credible Mortgage Rates Are Calculated
Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage rates move. Credible’s average mortgage rates and mortgage refinance rates shown in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) point discount and a 20% deposit.
The credible mortgage rates listed here will only give you an idea of today’s average rates. The rate you actually receive may vary based on a number of factors.
How to get low mortgage rates
If you want to get the lowest possible monthly mortgage payment, the following steps can help you get a lower rate on your home loan:
It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research by Freddie Macborrowers can save an average of $1,500 over the term of their loan by looking for just one additional rate quote – and an average of $3,000 by comparing five rate quotes.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified rates in just minutes.
You have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.