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Check out the mortgage rates for Oct. 15, 2021, which are a mixed bag compared to yesterday. (iStock)
Based on data compiled by Credible, mortgage rates rose for the longest and shortest repayment terms since yesterday, while holding steady for middle terms.
- 30-year fixed mortgage rates: 3.000%, up from 2.990%, +0.010
- 20-year fixed mortgage rates: 2.750%, unchanged
- 15-year fixed mortgage rates: 2.250%, unchanged
- 10-year fixed mortgage rates: 2.250%, up from 2.125%, +0.125
Rates last updated on Oct. 15, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Today, 30-year mortgage rates returned to 3% — they’ve been at that level or higher for four days this week. Meanwhile, 10-year rates, which are typically the lowest, climbed to their highest level of the week. Homebuyers looking for a mortgage deal may want to look to 20-year rates, which haven’t budged for eight straight days. Those who can swing a slightly higher monthly payment may also consider 15-year rates.
To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:
Browse rates from multiple lenders so you can make an informed decision about your home loan.
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Looking at today’s mortgage refinance rates
Today’s mortgage refinance rates remained largely unchanged since yesterday, with the exception of 30-year rates, which edged back up to 3%. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed refinance rates: 3.000%, up from 2.990%, +0.010
- 20-year fixed refinance rates: 2.750%, unchanged
- 15-year fixed refinance rates: 2.250%, unchanged
- 10-year fixed refinance rates: 2.125%, unchanged
Rates last updated on Oct. 15, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.
Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.
Fixed vs. adjustable-rate mortgages: How they affect interest costs
Mortgage interest rates can be fixed (meaning they remain the same for the life of your loan) or variable (the rate can change after an initial period). The type of mortgage you choose will affect your interest rate.
Interest rates for fixed-rate mortgages tend to be higher than the initial interest rate for adjustable-rate mortgages, or ARMs. But they don’t change, so you’ll know at the beginning of your loan exactly how much interest you’ll pay over the life of your mortgage.
Initial interest rates for ARMs are typically lower than fixed-rate mortgages. But after the end of an introductory period, your interest rate will change — and it could increase significantly. Introductory periods can vary from several months to a year or a few years. After the introductory period, your interest rate will be based on an index your lender specifies. ARMs may or may not cap how much your interest rate can increase.
It’s common for homeowners with adjustable-rate mortgages to refinance into fixed-rate loans when their introductory period is about to end.
Current mortgage rates
Today’s average mortgage rate is 2.563%, which is slightly higher than the average rate at this time last week.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 3.000%. This is up from yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.
Current 20-year mortgage rates
The current interest rate for a 20-year fixed-rate mortgage is 2.750%. This is the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in 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 2.250%. This is the same as yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage may 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 rates
The current interest rate for a 10-year fixed-rate mortgage is 2.250%. This is up from yesterday. Although less common than 30-year 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 visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.
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Rates last updated on Oct. 15, 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 refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing 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 down payment of 20%.
Credible mortgage rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.
How mortgage rates have changed
Today, mortgage rates are mostly the same as this time last week.
- 30-year fixed mortgage rates: 3.000%, up from 2.990% last week, +0.010
- 20-year fixed mortgage rates: 2.750%, the same as last week
- 15-year fixed mortgage rates: 2.250%, the same as last week
- 10-year fixed mortgage rates: 2.250%, the same as last week
Rates last updated on Oct. 15, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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 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 just a few minutes.
With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.
What are mortgage points?
To understand what mortgage points are and how they work, it’s helpful to keep in mind that charging interest is the main way lenders make money. When you get a low interest rate and pay less interest, your lender makes less money off your mortgage than they would if they charged you a higher interest rate.
Points — also called discount points — are a way for lenders to make money while still giving you a lower interest rate. Points are upfront charges you pay at closing in exchange for a lower interest rate. They increase your closing costs but can lower your interest expense over the life of the loan.
Generally, one point is equal to 1% of the loan amount, although that can vary. How much each point will lower your interest rate depends on the lender, the type of mortgage and the mortgage market in the area where you’re buying.
Here’s an example of how mortgage points can work:
- You apply for a $200,000 mortgage at 4% interest.
- Your lender charges you two discount points.
- Each point is equal to 1% of your loan amount and lowers your interest rate by 0.25%.
- You pay your lender $4,000 at closing.
- Your lender reduces your interest rate by 0.50% to 3.50%.
Points may be a good option if you know you’re going to be in your home for a long time and will be able to recoup the extra closing costs and enjoy the interest savings. Points may also be a way to get a lower interest rate if your credit isn’t strong enough to qualify for a low rate.
Looking to lower your home insurance rate?
A home insurance policy can help cover unexpected costs you may incur during homeownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.
Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy and the whole process can be completed entirely online.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.