Best Mortgage Deal Today? Look To 15-Year Rates To Save

The goal of Credible Operations, Inc. (NMLS number 1681276, hereinafter “Credible”) is to give you the tools and confidence you need to improve your finances. We advertise products from our partner lenders, but all opinions are our own.

Check out the December 19, 2022 mortgage rates. It’s been mixed since last Friday. (reliable)

According to data compiled by Credible, mortgage rates for home buyers today are mixed, with two major rates falling, one rising and another stable since last Friday.

Prices were last updated on December 19, 2022. These charges are based on the assumptions shown. Here. Actual charges may vary. Personal finance marketplace Credible has over 5,000 reviews on Trustpilot and an average star rating of 4.7 out of 5.0.

What this means: 30-year mortgage rates rose to 6.125% over the weekend, while 20-year rates remained stable. Meanwhile, the 10- and 15-year rates fell slightly to 5.375%. Buyers who can afford higher monthly mortgage payments can shorten the repayment period and save the most interest. Borrowers who need more time to pay off their mortgages may want to consider his 20-year interest rate, which is more than half a percentage point lower than his 30-year interest rate.

To find a good mortgage rate, start by using Credible’s secure website where you can view current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator Estimate monthly mortgage payments.

Based on data compiled by Credible, Mortgage refinancing rate Since last Friday, two major interest rates have fallen, one has risen and the other has remained stable.

Prices were last updated on December 19, 2022. These charges are based on the assumptions shown. Here. Actual charges may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What this means: The 30-year mortgage refinancing rate rose to 6.125% over the weekend. Meanwhile, 10- and 15-year rates fell slightly, while 20-year rates were flat. Homeowners looking to refinance are advised to consider a shorter term as it is three-quarters of a percentage point lower than the 30-year one. However, homeowners who want to refinance for the long term should keep the 20-year interest rate.

How mortgage interest rates have changed over time

Mortgage interest rates today are well below Freddie Mac’s highest annual average interest rate of 16.63% in 1981. In 2019 he was 3.94%. The average rate in 2021 is 2.96%, the lowest annual average in 30 years.

Historic low interest rates mean homeowners with 2019 and beyond mortgages could potentially realize significant interest rate savings by refinancing to one of today’s lower interest rates. I mean When considering refinancing or purchasing a mortgage, it is important to consider closing costs such as valuation, application, origination and legal fees. These factors, along with the interest rate and loan amount, all affect the cost of a mortgage.

Thinking of buying a home?Credible can help Compare current interest rates from multiple mortgage lenders All at once in just a few minutes. Use Credible’s online tool to compare rates and prequalify today.

Thousands of Trustpilot reviewers rate Credible as ‘excellent’.

How to Calculate a Reliable Mortgage Interest Rate

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 refinancing rates reported in this article are calculated based on information provided by Credible’s fee-paying partner lenders.

The interest rate assumes the borrower has a credit score of 740 and takes out a traditional loan for their primary residence, a single-family home. Also, the rates assume no discount points (or very low) and a 20% down payment.

The reliable mortgage rates reported here are only a guide to current average interest rates. The actual rate you receive will depend on many factors.

What is a good mortgage interest rate?

Generally speaking, a good mortgage rate is the lowest rate you’ll be eligible for based on individual factors such as credit history, income, other liabilities, and down payment amount.

A rate that’s right for your financial situation should allow you to manage your monthly mortgage payments while leaving enough room in your monthly budget for savings, investments, and emergency funds. A good rate should also be competitive with the average rate in the area you’re buying from.

If you’re trying to find the right mortgage rate, consider using Credible.You can do it Use Credible’s free online tools Easily compare multiple lenders and see pre-qualified rates in just minutes.

Have a financial question and don’t know who to ask? Email a Credible Money Expert moneyexpert@credible.com Your question may be answered in Credible’s Money Expert column.

As a trusted authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for his four years. His work has been featured on MSN, AOL, Yahoo Finance and more.