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Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.
Check out the mortgage rates for October 11, 2021, which is a mix from last Friday. (iStock)
Based on data compiled by Credible, mortgage rates jumped for the longest repayment term, fell for the shortest, and remained stable for average terms since last Friday.
- Fixed mortgage rates over 30 years: 3.125%, against 2.990%, +0.135
- 20-year fixed mortgage rates: 2.750%, unchanged
- Fixed mortgage rates over 15 years: 2.250%, unchanged
- 10-year fixed mortgage rates: 2.125%, vs. 2.250%, -0.125
Rates last updated on October 11, 2021. These rates are based on the assumptions presented here. Actual rates may vary.
What does that mean: While a 30-year mortgage rate of 3.125% always promises lower interest charges over the life of a mortgage, shorter repayment terms may be a better deal today. Buyers looking for a low interest rate and lower monthly mortgage payment may find the 20-year rates particularly attractive, as they have rested at 2.750% for four consecutive days.
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
Although refinance rates are generally higher than purchase rates, current mortgage refinance rates reflect today’s mortgage purchase rates. The average mortgage refinancing rate is 2.563%. If you are considering refinancing an existing home, find out what refinancing rates look like:
- Fixed mortgage rates over 30 years: 3.125%, against 2.990%, +0.135
- 20-year fixed mortgage rates: 2.750%, unchanged
- Fixed mortgage rates over 15 years: 2.250%, unchanged
- 10-year fixed mortgage rates: 2.125%, vs. 2.250%, -0.125
Rates last updated on October 11, 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 get started.
Credible has earned 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.
Factors that influence mortgage rates (and are beyond your control)
There are many factors that influence the interest rate a lender can offer you. Some, like your credit score, are in your control. But others that you don’t have the capacity to affect, such as:
- The economy – During a financial downturn, the Fed may lower interest rates in an attempt to stimulate the economy. And when the economy is doing well, interest rates can rise.
- Inflation – Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to rise.
- The Federal Reserve – The Fed can choose to lower interest rates to stimulate a struggling economy, or to raise rates to try to curb inflation.
- Macroeconomic employment trends – When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates can drop. As employment increases, interest rates also rise.
Current mortgage rates
Today is the fifth day in a row that 30-year mortgage rates are near or above 3%. Buyers looking to anticipate further increases in mortgage rates may want to lock in their rate now.
Current 30-year mortgage rates
The current interest rate for a 30 year fixed rate mortgage is 3.125%. This is up from last Friday. 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 ultimately pay 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 2.750%. It’s the same as last Friday. 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 2.250%. It’s the same as last Friday. 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 2.125%. This is down from last Friday. 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. Check out 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 October 11, 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 up from the same time last week.
- Fixed mortgage rates over 30 years: 3.125%, compared to 2.875% last week, +0.250
- 20-year fixed mortgage rates: 2.750%, compared to 2.500% last week, +0.250
- Fixed mortgage rates over 15 years: 2.250%, compared to 2.125% last week, +0.125
- 10-year fixed mortgage rates: 2.125%, compared to 2.000% last week, +0.125
Rates last updated on October 11, 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 just a few 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 that 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 has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. 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, and more.
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