10- and 15-Year Rates Are Today’s Best Mortgage Deals

·6 min read

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Based on data compiled by Credible, rates for 20- and 30-year mortgage terms crept up, while rates for shorter terms remain unchanged since yesterday. Rates for all terms are lower today than they were the same time last week.

  • 30-year fixed mortgage rates: 2.940%, up from 2.875%, +0.065

  • 20-year fixed mortgage rates: 2.625%, up from 2.500%, +0.125

  • 15-year fixed mortgage rates: 2.125%, unchanged

  • 10-year fixed mortgage rates: 2.000%, unchanged

Rates last updated on Oct. 5, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Both 10- and 15-year mortgage rates are back near record lows this week, after rising last week. These terms represent a bargain for homebuyers who want to take advantage of significant interest savings and can manage a higher monthly payment. Rates for 20- and 30-year terms increased a bit today, but homebuyers can still save on interest with either of these terms. Rates for a 30-year mortgage, the most popular term, are currently below 3% — but mortgage experts predict that rate increases could be coming soon, so homebuyers may want to act now to secure a lower rate.

Browse rates from multiple lenders so you can make an informed decision about your home loan.

Current mortgage rates

After average mortgage interest rates spiked above 2.5% for four days last week, today’s average mortgage interest rate is just 2.423%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.940%. 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 2.625%. This is up from 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 2.125%. 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 2.000%. This is the same as 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.

Looking at today’s mortgage refinance rates

Rates for a 30-year mortgage refinance went up to 2.940% today. While 30-year refinance rates are still a good deal for homeowners who want to lower interest costs, rates for this term may not stay below 3% for much longer. Experts have predicted rate increases before the end of 2021. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 2.940%, up from 2.875%, +0.065

  • 20-year fixed-rate refinance: 2.625%, unchanged

  • 15-year fixed-rate refinance: 2.125%, unchanged

  • 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on Oct. 5, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today’s mortgage rates are down compared to the same time last week.

  • 30-year fixed mortgage rates: 2.940%, down from 2.990% last week, -0.050

  • 20-year fixed mortgage rates: 2.625%, down from 2.750% last week, -0.125

  • 15-year fixed mortgage rates: 2.125%, down from 2.250% last week, -0.125

  • 10-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125

Rates last updated on Oct. 5, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Why mortgage rates change

Mortgage rates can fluctuate on a daily basis — as they’ve done for much of 2021. Many factors influence the movement of mortgage interest rates, including (but not limited to) …

  • Actions the Federal Reserve takes on short-term interest rates

  • Current home sales and housing starts (the number of new houses that begin being built in a month)

  • Inflation

  • Unemployment

  • Corporate earnings

Because mortgage rates are so volatile, it can be a good idea to get pre-approved and lock in a low mortgage rate as soon as possible when you’re shopping for a house.

Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

How to get the best mortgage rates

While market factors influence mortgage rates, factors unique to you and your situation generally influence the interest rate you may qualify for. The Consumer Financial Protection Bureau points to factors that affect your interest rate.

  • Your credit scores — Generally, people with higher credit scores are more likely to qualify for lower interest rates.

  • Location of the home you’re buying — Interest rates can vary depending on the state you’re buying in.

  • The price of the house — If your loan is larger or smaller than average, you may face higher interest rates because the lender might perceive the loan as riskier.

  • Your down payment amount — The more you’re able to put down, the greater the likelihood you’ll qualify for a lower interest rate. And putting down less than 20% usually means you’ll have to pay private mortgage insurance, which increases the total cost of a loan.

  • The repayment term — Shorter terms — 10 or 15 years — typically have lower interest rates because the lender is risking its money for less time than if you take out a 30-year loan.

  • Type of interest rate — Mortgage interest rates can be variable or fixed. Generally, variable rates start out lower than fixed rates, but can increase significantly later on.

  • Type of loan — Conventional loans usually have the lowest interest rates, but you may need good credit and income to qualify for one. FHA, USDA, and VA loans may have less strict credit and income requirements, but can come with higher interest rates.

If you can influence at least some of those factors — such as improving your credit score or saving for a down payment of 20% or more — you may be able to improve your chance of getting a lower interest rate.

And of course, comparison shopping is an important way to find a mortgage that’s right for you. To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

• Check out mortgage refinance rates
• Compare home purchase rates

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.

Rates last updated on Oct. 5, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

More from Credible:

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.

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