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According to data collected by Credible, mortgage refinancing rates rose by one key term and remained unchanged by three other terms since last Friday.

  • 30-year fixed-rate refinancing: 7.250%, up from 7.000%, +0.250
  • 20-year fixed-rate refinancing: 7.250%, unchanged
  • 15-year fixed-rate refinancing: 6.000%, no change
  • 10-year fixed-rate refinancing: 6.000%, no change

Prices were last updated on October 17, 2022. These rates are based on the assumptions shown. here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What does it mean: Thirty-year mortgage refinancing rates soared to 7.25% over the weekend, making shorter terms an even more attractive option for homeowners looking to refinance. Homeowners who can increase their monthly payment can consider 10- and 15-year rates that have stayed at 6% for 12 consecutive days.

Today’s home mortgage rates

Home mortgage rates have risen for one key term and have remained unchanged for three other terms since last Friday, according to data compiled by Credible.

  • Fixed rate mortgages for 30 years: 7.250%, up from 7.000%, +0.250
  • 20-year fixed-rate mortgages: 7.250%, unchanged
  • 15-year fixed-rate mortgages: 6.000%, no change
  • 10-year fixed-rate mortgages: 6.000%, no change

Prices were last updated on October 17, 2022. These rates are based on the assumptions shown. here. Actual rates may vary. Credible, the 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 it mean: Homebuyers looking to save as much as possible on interest today should consider shorter terms: both 10- and 15-year rates are 6%, more than a percentage point lower than the 20- and 30-year rates. While shorter terms involve higher monthly payments, they offer the greatest interest savings and allow buyers to pay off their mortgages much sooner.

To find great mortgage rates, start by using the secure Credible website, which can show you current mortgage rates from multiple lenders without impacting your credit score. You can also use mortgage calculator to calculate monthly mortgage payments.

How mortgage rates have changed over time

Mortgage rates today are well below the highest average annual rate recorded by Freddie Mac, 16.63% in 1981. 2019 – 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means that homeowners who have mortgages from 2019 and older can potentially save big on interest by refinancing at one of today’s lower interest rates. When considering refinancing or buying a mortgage, it is important to consider closing costs such as appraisal, application, processing, and attorney fees. These factors, in addition to the interest rate and loan amount, affect the cost of a mortgage loan.

Do you want to buy a house? Reliable can help you compare current rates from multiple mortgage lenders immediately in just a few minutes. Use Credible’s online tools to compare rates and pre-qualify today.

Credible has been rated “excellent” by thousands of Trustpilot reviewers.

How reliable mortgage rates are calculated

Changing economic conditions, political decisions of the central bank, investor sentiment and other factors affect the change in mortgage rates. The credible average mortgage rates and mortgage refinance rates shown in this article are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that the borrower has a credit score of 740 and is taking out a regular loan for a single-family home, which will be their primary residence. Rates also include no (or very low) discounts and a 20% down payment.

Reliable mortgage rates listed here will only give you an idea of ​​current average rates. The rate you actually receive may vary depending on a number of factors.

What is a good mortgage rate?

Generally, a good mortgage rate is the lowest rate you can qualify for based on your individual factors such as credit history, income, other debts, down payment amount, and more.

A rate that is appropriate for your financial situation should result in a monthly mortgage payment that you can manage, leaving enough room in your monthly budget for savings, investments, and an emergency fund. And a good exchange rate should be competitive with average prices in the geographic area where you want to buy.

If you’re trying to find the right mortgage rate, consider using Credible. You can use the free online tool Credible to easily compare multiple lenders and see provisional rates in just a few minutes.

Have a financial question but don’t know who to contact? Write to an authoritative money expert at [email protected] and your question can be answered by Credible in our Money Expert column.

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