Today’s 30-year mortgage rates drop to near record highs | September 23, 2021

0


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 mortgage rates for September 23, 2021, which have been mixed since yesterday. (iStock)

Based on data compiled by Credible, one key mortgage rate fell, two others rose slightly and one remained unchanged from yesterday.

  • Fixed mortgage rates over 30 years: 2.750%, compared to 2.875%, -0.125
  • 20-year fixed mortgage rates: 2.500%, vs. 2.375%, + 0.125
  • Fixed mortgage rates over 15 years: 2,000%, compared to 1.990%, +0.010
  • 10-year fixed mortgage rates: 2,000%, unchanged

Rates last updated on September 23, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Daily fluctuations in mortgage rates are common, and rates for a 30-year term are no exception. Rates for that term have fallen back to a near record low of 2.750% today, which is a godsend for buyers who want to get a good rate now ahead of rate hikes planned later this year. And 10-year mortgage rates have held near record highs for 18 straight 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

The savings window is always open for homeowners who want to reduce their interest costs by refinancing their current mortgage. With rates holding steady near record lows through most of September, homeowners can find a bargain whether they go for a longer or shorter term. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Refinancing at a fixed rate over 30 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.500%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.125%, unchanged
  • Refinancing at a fixed rate over 10 years: 2,000%, unchanged

Rates last updated on September 23, 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 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.

Compare types of home loans

Homeownership is a key part of the American Dream for many people. And between the federal government and private lenders, several types of home loans are available to help as many people as possible achieve the dream of owning a home.

With so many options, it can be difficult to know which type of home loan is best for your needs. Here are some comparisons to help you understand the difference between loan types.

Government Guaranteed Loans Versus Conventional Loans

Government guaranteed loans are either issued or insured by the federal government. These include FHA loans, VA loans, and USDA loans. Conventional loans are neither issued nor insured by the government.

Because the risk to private lenders is lower with government guaranteed loans, these loans may be easier to obtain but have higher interest rates. With conventional loans, the lender assumes all the risk if a borrower defaults, so they can be more difficult to obtain. But if you have the credit score and the income to qualify for a conventional loan, you may find that you can get a better interest rate.

Current mortgage rates

Average mortgage interest rates have not exceeded 2.4% for 18 days. Today’s average mortgage interest rate is only 2.313%.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 2.750%. This is down from 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 2,500%. It’s since 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 the same as 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 23, 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 virtually unchanged from the same period last week.

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

Rates last updated on September 23, 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 do I get a mortgage?

When you’re ready to buy a home, you need to lock in your mortgage options before you start looking for a home. Aligning your financing can make the process easier and give you a head start over other buyers who have not yet been pre-qualified or pre-approved for a mortgage.

Here are the general steps to get a mortgage:

  • Take control of your finances and your credit. Add up your total monthly expenses and subtract them from your total monthly income to see how much you could spend on a monthly mortgage payment. Check your credit score and report to correct any errors on your report and take action if you need to improve your credit score.
  • Get pre-approved for a mortgage. While pre-approval does not guarantee that the lender will grant you a mortgage, it is a clear sign that you will be eligible for it when the time comes. Having a pre-approval letter can make your offer more attractive to potential sellers.
  • Comparison shop. Once you’ve got an offer accepted for your dream home, it’s time to compare the rates of several mortgage lenders. Be sure to compare all the costs of a mortgage, not just the interest rate.
  • Fill out the complete application. You will need to provide detailed information about your income, savings, monthly expenses, and overall financial situation.

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 for free home insurance quote via 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.


Share.

About Author

Leave A Reply