The 10-year mortgage rate rises, other conditions remain unchanged | August 11, 2021

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View the mortgage interest rates for August 11, 2021, these are largely unchanged from yesterday. (iStock)

Based on data collected by Credible, mortgage rates have remained unchanged since yesterday, with the exception of 10-year rates, which rose slightly.

  • 30 year fixed mortgage rate: 2.875%, unchanged
  • 20 year fixed mortgage rate: 2.625%, unchanged
  • 15 year fixed mortgage rate: 2.125%, unchanged
  • 10-year fixed mortgage rate: 2.125%, up 2,000%, +0.125

Rates last updated on August 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Rates on a 10-year mortgage rose to 2.125% today, which is equivalent to the interest rate for a 15-year term. Buyers who want a shorter term and can swing a higher monthly payment can make significant interest savings by financing with a 10-year term. For buyers who want a longer term, 30- and 20-year rates can also be a bargain.

To find the best mortgage rates, start by using Credible, which can show you current mortgage and refinancing rates:

Browse the rates of multiple lenders so you can make an informed decision about your mortgage.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

Looking at current mortgage refinance rates

Average mortgage refinancing rates have remained well below 2.5% for 18 days in a row, meaning homeowners looking to refinance can find interest savings no matter what term they choose. While the 30-year terms, which are the most common, rose to 2.875% at the start of the week, rates for this term have not exceeded 3% since July 2. Rates for 20 years, 15 years and 10 years. the annual terms also fluctuated slightly from day to day, but all terms remain at historic lows. If you are considering refinancing an existing home, see what the refinancing rates look like:

  • 30-Year Fixed Refinancing Rates: 2.875%, unchanged
  • 20-year fixed refinancing rates: 2.750%, up 2.625%, +0.125
  • 15-Year Fixed Refinancing Rates: 2.125%, unchanged
  • 10-year fixed refinancing rates: 2.125%, unchanged

Rates last updated on August 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be of great help when you are ready to compare mortgage refinancing loans. With Credible, you can see prequalified rates for conventional mortgages from multiple lenders in minutes. Visit Credible today start.

Credible has earned a rating of 4.7 stars (out of a possible 5.0) on Trustpilot and over 4,500 reviews from customers who have securely compared prequalified rates.

How big is a deposit I need?

A down payment is your initial investment in your home. It is the portion of a home’s purchase price that you can pay in cash, out of pocket, while borrowing the balance.

Usually you need to have some money for a down payment when you buy a house. How much you need can vary depending on the lender and the type of mortgage. For example, Federal Housing Administration (FHA) mortgages have minimum down payment requirements of just 3.5%. Conventional fixed rate loans often require a 5% down payment, while VA and USDA loans do not require a down payment at all.

Keep in mind that the larger your down payment, the more likely you are to qualify for a better mortgage deal. If your credit is good and you can put down 20% or more, you may qualify for a very good interest rate. In addition, sellers often prefer buyers with higher deposits.

Finally, a 20% down payment usually means your lender doesn’t need private mortgage insurance. PMI protects the lender if you default on the loan, and it increases your monthly mortgage payment. The cost of PMI can vary widely, but is usually based on a percentage of your home’s purchase price.

Current mortgage interest

The average mortgage interest rate has been well below 5% for 20 consecutive days. Today’s average mortgage rate is 2.438%.

Current mortgage interest over 30 years

The current interest rate for a 30-year mortgage is 2.875%. This is the same as yesterday. Thirty years is the most common repayment term for mortgages, because mortgages with a term of 30 years usually have a lower monthly payment. But they also usually have higher interest rates, meaning you end up paying more interest over the life of the loan.

Current mortgage interest over 20 years

The current interest rate for a 20-year mortgage is 2.625%. This is the same as yesterday. Shortening your repayment term by just 10 years can mean you get a lower interest rate — and pay less overall interest over the life of the loan.

Current mortgage interest over 15 years

The current interest rate for a 15-year mortgage is 2.125%. This is the same as yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.

Current 10-year mortgage rate

The current interest rate for a 10-year fixed-rate mortgage is 2.125%. This is from yesterday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by going to Credible to compare the current rates of various lenders offering both mortgage refinancing and home loans. View Credible and get prequalified today, and view today’s refinancing rates at the link below.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

Rates last updated on August 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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 average mortgage rates and mortgage refinancing rates are calculated based on information provided by partner lenders who pay a fee to Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a 20% deposit.

Credible mortgage rates only give you an idea of ​​the current average rates. The rate you receive may vary based on a number of factors.

How mortgage rates have changed

Today, mortgage rates have risen compared to last week at this time.

  • 30 year fixed mortgage rate: 2.875%, up from 2.625% last week, +0.250
  • 20 year fixed mortgage rate: 2.625%, up from 2.500% last week, +0.125
  • 15 year fixed mortgage rate: 2.125%, up 2,000% last week, +0.125
  • 10-year fixed mortgage rate: 2.125%, up 2,000% last week, +0.125

Rates last updated on August 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right rate for your home mortgage or refinance an existing home, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

What is a good mortgage interest deduction?

Many factors affect the mortgage interest rate that a lender can offer you. But in general, a good mortgage rate is the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more.

A rate that’s right for your financial situation should result in a monthly mortgage payment that you can manage while leaving plenty of room in your monthly budget to save, invest, and an emergency fund. And a good rate should be competitive with the average rates in the geographic area where you want to buy.

Once you’ve chosen the type of home loan that works for you, you can compare multiple lenders to really find the best rates.

Do you want to lower the rate of your home insurance?

Home insurance can help you cover unexpected costs you may incur while owning a home, such as structural damage and destruction or stolen personal property. Coverage can vary widely between lenders, so it’s wise to shop around and compare policy quotes.

Credible has a partnership with a home insurance broker. You can compare for free home insurance quotes via Credible’s partner here. It’s quick, easy and the whole process can be completed completely online.

Do you have a financial question, but you don’t know who to ask it? Email The Credible Money Expert at: [email protected] and your question can be answered by Credible in our Money Expert column.

A credible 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 four years. His work has been recommended by MSN, AOL, Yahoo Finance and more.

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