The current 30-year mortgage rate remains below 2.875% for 17 consecutive days

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Check out the mortgage rates for August 9, 2021 that have been rising since last Friday. (iStock)

Based on data from Credible, mortgage rates have risen since last Friday, with the exception of the 30-year rate, which has remained flat.

  • 30 year fixed mortgage rate: 2,750%, unchanged
  • 20 year fixed mortgage rate: 2,750%, up 2,500%, +0.250
  • 15 year fixed mortgage rate: 2.125%, up 2,000%, +0.125
  • 10-year fixed mortgage rate: 2.125%, up 2,000%, +0.125

Rates last updated on August 9, 2021. These rates are based on assumptions shown here. Actual rates may vary.

What this means: The current 30-year mortgage rate – the most common term – has remained well below 2.875% for 17 days in a row, making this term a bargain for buyers buying a new home. While rates for 20-year, 15-year and 10-year maturities have all risen since last Friday, mortgage rates generally remain at historic lows, meaning homeowners can save on interest regardless of the term they choose.

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 the current mortgage refinance rates

Although today’s mortgage refinancing rates are higher compared to last week, homeowners looking to refinance can still find interest savings. Rates for a 30-year term, which are the most common, have stayed well below 3% for 25 consecutive days. Homeowners who can afford a higher monthly payment can still find a bargain with 15- or 10-year rates, which come at a low rate of 2.125%. If you are considering refinancing an existing home, see what the refinancing rates look like:

  • 30-Year Fixed Refinancing Rates: 2.875%, up 2.750%, +0.125
  • 20-Year Fixed Refinancing Rates: 2,750%, up 2,500%, +0.250
  • 15-Year Fixed Refinancing Rates: 2.125%, up 2,000%, +0.125
  • 10-year fixed refinancing rates: 2.125%, up 2,000%, +0.125

Rates last updated on August 9, 2021. These rates are based on 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 do I get a low mortgage rate?

Mortgage and refinancing rates are affected by many economic factors, such as unemployment rates and inflation. But your personal financial history will too determine the rates offered to you.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you get a lower rate on your home loan:

It is also a good idea to compare the rates of different lenders to find the best rate for your financial goals. According to research by Freddie Mac, borrowers can save an average of $1,500 over the life of their loan by purchasing just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Do you want to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current mortgage interest

The average mortgage interest rate has not risen above 2.5% for 18 days. Today’s average mortgage interest rate is 2.438%.

Current mortgage interest over 30 years

The current interest rate for a 30-year mortgage is 2,750%. This is the same as last Friday. 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 usually also 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 2,750%. This is from last Friday. 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 from last Friday. 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 last Friday. 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 9, 2021. These rates are based on assumptions shown here. Actual rates may vary.

How mortgage rates have changed

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

  • 30 year fixed mortgage rate: 2,750%, same as last week
  • 20 year fixed mortgage rate: 2.750%, up from 2.625% 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 9, 2021. These rates are based on 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.

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.

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 that you may incur during home ownership, 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 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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