30-Year Mortgage Interest Rates Mark 63rd Day Below 3% | September 16, 2021

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Check out mortgage rates for September 16, 2021, which are up for two key terms since yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have increased for shorter terms and have remained stable for longer terms since yesterday.

  • Fixed mortgage rates over 30 years: 2.750%, unchanged
  • 20-year fixed mortgage rates: 2.375%, unchanged
  • Fixed mortgage rates over 15 years: 2,000%, compared to 1.990%, +0.010
  • 10-year fixed mortgage rates: 2,000%, compared to 1.875%, + 0.125

Rates last updated on September 16, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Despite today’s gradual increases in 15- and 10-year fixed mortgage rates, interest rates for all repayment terms remain at historically low levels. Whether buyers choose a longer or shorter repayment term, they will find the opportunity to realize significant interest savings. 30-year mortgage rates, the most popular mortgage term, have been below 3% for 63 consecutive days. And 10-year rates, which typically offer the lowest interest charges, have held steady at 2,000% or less for 13 consecutive days. The average mortgage interest rate is only 2.281%.

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

Browse the rates of several lenders to make an informed decision about your home loan.

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

Looking at Mortgage Refinance Rates Today

Today’s mortgage refinance rates are largely unchanged from yesterday. The average refinancing rate is just 2.281%, the second lowest for the whole year. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Fixed refinancing rates over 30 years: 2.750%, unchanged
  • Fixed refinancing rates over 20 years: 2.375%, unchanged
  • Fixed refinancing rates over 15 years: 2,000%, unchanged
  • Fixed refinancing rates over 10 years: 2,000%, compared to 1.875%, + 0.125

Rates last updated on September 16, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

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

Credible has received a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 customer reviews who have safely compared prequalified rates.

What is a good mortgage rate?

There are many factors that influence the mortgage rate a lender can offer you. But generally, a good mortgage rate is the one that is the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, etc.

A rate that suits your financial situation should translate into a monthly mortgage payment that you can manage, while still leaving enough room in your monthly budget for savings, investments, 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 decided on the type of home loan that’s right for you, you can compare several lenders to really find the best rates.

Current mortgage rates

The current average mortgage interest rate stands at just 2.281%, and average mortgage rates have generally remained below 3% since April 15, 2020.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 2.750%. It’s the same as yesterday. Thirty years is the most common mortgage repayment term because 30-year mortgages typically give you a lower monthly payment. But they also usually come with higher interest rates, which means you’ll end up paying more interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20 year fixed rate mortgage is 2.375%. It’s the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15 year fixed rate mortgage is 2,000%. It’s since yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you earn a lower rate than a 30-year term and pay less interest over the life of the loan, while still keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10 year fixed rate mortgage is 2,000%. It’s since yesterday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage usually gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare the current rates of various lenders who offer mortgage refinances as well as home loans. Discover Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible “excellent”.

Rates last updated on September 16, 2021. These rates are based on the assumptions presented 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 development of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who compensate 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. Rates also assume zero (or very low) discount points and a 20% deposit.

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

How mortgage rates have changed

Today, mortgage rates are significantly lower compared to the same period last week.

  • Fixed mortgage rates over 30 years: 2.750%, compared to 2.875% last week, -0.125
  • 20-year fixed mortgage rates: 2.375%, compared to 2.500% last week, -0.125
  • Fixed mortgage rates over 15 years: 2,000%, compared to 2.125% last week, -0.125
  • 10-year fixed mortgage rates: 2,000%, same as last week

Rates last updated on September 16, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

These rates are based on the assumptions presented here. Actual rates may vary.

If you are trying to find the right rate for your mortgage or are looking to 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 Does the Federal Reserve Affect Mortgage Rates?

The Federal Reserve System – or “The Fed,” as it is commonly known – is the central bank of the United States. It is responsible for taking action to keep the economy secure, stable and flexible. As a result, the Fed controls the U.S. money supply and short-term interest rates, and sets the Fed Funds Rate, which is the rate banks charge when they borrow from each other on a day-to-day basis.

But the Fed doesn’t actually set mortgage rates. On the contrary, several things the Fed influences mortgage rates. For example, although mortgage rates do not reflect the federal funds rate, they tend to follow it. If this rate increases, mortgage rates generally rise in tandem.

The Fed also buys and sells mortgage-backed securities, or MBS – a set of similar loans that a large mortgage investor buys and then resells to investors in the bond market. When the Fed buys a lot of mortgage-backed securities, it creates demand in the market and lenders can make money even if they offer lower mortgage rates. So rates tend to fall when the Fed buys a lot.

When the Fed buys less MBS, demand drops and rates are likely to rise. Likewise, when the Fed raises the federal funds rate, mortgage rates will also rise.

Looking to lower your home insurance rate?

A home insurance policy can help you cover unforeseen costs you might incur during homeownership, such as structural damage and destruction or theft of personal property. Coverage can vary widely from insurer to insurer, so it’s wise to shop around and compare policy quotes.

Credible is a partner of a home insurance broker. If you are looking for a better rate on Home Insurance and consider switching providers, consider using an online broker. You can compare quotes from the top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

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


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