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

  • 30-year fixed-rate refinancing: 7.125%, up from 6.990%, +0.135
  • 20-year fixed-rate refinancing: 7.250%, up from 7.000%, +0.250
  • 15-year fixed-rate refinancing: 6.490%, unchanged
  • 10-year fixed-rate refinancing: 6.500%, up from 6.490%, +0.010

Prices were last updated on October 20, 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: Mortgage refinancing rates rose today across three key maturities, with the exception of 15-year rates, which remained flat. With today’s rate changes, homeowners looking to refinance may want to consider 15-year terms, which are the lowest available at 6.49%.

Today’s home mortgage rates

Mortgage rates for home purchases rose by three key terms and remained unchanged for another term since yesterday, according to data compiled by Credible.

  • Fixed rate mortgages for 30 years: 7.125%, up from 6.990%, +0.135
  • 20-year fixed-rate mortgages: 7.250%, up from 7.000%, +0.250
  • 15-year fixed-rate mortgages: 6.490%, unchanged
  • 10-year fixed-rate mortgages: 6.500%, up from 6.490%, +0.010

Prices were last updated on October 20, 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: Mortgage rates rose today across three key terms, bringing 30-year rates back up more than 7%. Homebuyers who want to save as much as possible on interest should consider a shorter term. Rates on the 15-year mortgage remain stable for three days in a row and are the lowest available at 6.49%. Comparing rates from multiple lenders can help buyers find the best deal for their unique financial situation.

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.

How to choose a mortgage lender?

A mortgage is probably the biggest debt you will take on in your life, taking decades to pay off. Therefore, it is very important to make sure that you choose the mortgage lender and mortgage that is best for your needs and financial situation.

Here are some tips to help you choose a mortgage lender:

  1. Comparison store. Compare rates and terms from multiple lenders. In the same way that you choose less important purchases, you should compare offers from multiple lenders. BUT Freddie Mac research found that adding just one quote to your mortgage search could save you $1,500 over the life of the loan. Adding five can save you about $3,000. Credible makes it easy to compare your provisional rates from multiple lenders.
  2. Take a mortgage broker. Mortgage brokers can do all the work for you when it comes to finding a loan deal. But keep in mind that mortgage brokers usually make money by charging a small percentage of the loan for their services.
  3. Use relationships. Examine mortgage offers from banks and financial institutions with which you are already cooperating. Loyalty and familiarity can play into your hands in securing a good mortgage deal.
  4. Look for referrals. Ask friends, family, colleagues and neighbors about references and their experiences with different lenders.

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.