Today’s mortgage rates remain stable for all durations | October 13, 2022
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Based on data compiled by Credible, mortgage refinance rate has remained unchanged in all terms since yesterday.
Rates were last updated on October 13, 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 interest rates rested across all durations today. With rates for longer repayment terms well above 7%, homeowners looking to refinance can consider 10 and 15 year terms, which have held at 6% for 10 straight days.
Today’s Mortgage Rates for Buying a Home
Based on data compiled by Credible, mortgage rates for home purchases remained unchanged on all terms since yesterday.
Rates were last updated on October 13, 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: Although mortgage rates held steady for all terms today, rates for 30 and 20 year terms remain well above 7%. Borrowers who can handle a higher monthly payment will see greater interest savings with 15 and 10 year mortgages. Buyers may want to take advantage of this break and lock in a rate ahead of future increases.
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 the movement of mortgage rates. 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 credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points 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.
Get a mortgage or rent
If you’re wondering whether you should buy a house or keep renting, no one answer is right for everyone. Whether you should buy or continue to rent depends on many factors, including your personal financial situation, your long-term goals, your preferred lifestyle, and market conditions in your area.
Buying a home has some distinct advantages that you can’t get from renting, including…
- You can build capital. The equity in your home can help you build long-term wealth.
- You can personalize your living space more than with a rental that belongs to someone else.
- Owning a home can provide intangible benefits like pride of ownership, a sense of community, and stability.
- Your mortgage payment may be lower than rents in your area.
- Mortgage interest is generally tax deductible.
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.
Do 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.