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15-year, 10-year mortgage rates stick at historic lows; longer terms edge upward

Chris Jennings
·4 min read

Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.

Based on data compiled by Credible, today’s mortgage rates edged up for longer repayment terms while remaining stable for shorter terms.

  • 30-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125

  • 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: 2.125%, unchanged

Rates last updated on Aug. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

It’s not unusual for mortgage interest rates to fluctuate slightly from day to day, as 10-year fixed rates did today. Despite those minor fluctuations, mortgage interest rates overall are holding at historic lows. Thirty-year and 20-year rates may be particularly appealing to buyers looking to secure significant interest savings with a lower monthly payment.

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

Looking at today’s mortgage refinance rates

The average rates for 10-year and 15-year refinances have rested at near-record lows for more than 20 days. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed refinance rates: 2.875%, up from 2.750%, +0.125

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

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

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

Rates last updated on Aug. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today’s mortgage rates are largely the same as they were for this time last week.

  • 30-year fixed mortgage rates: 2.875%, the same as last week

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

  • 15-year fixed mortgage rates: 2.125%, the same as last week

  • 10-year fixed mortgage rates: 2.125%, the same as last week

Rates last updated on Aug. 18, 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 Aug. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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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