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See mortgage rates for January 10, 2023, which have dropped from last Friday. (believable)
According to data compiled by Credible, mortgage rates for home purchases have fallen across the board since last Friday.
Rates last updated on January 10, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
What does this mean: Homebuyer mortgage rates fell across all repayment terms today, with 30-year rates falling half a percentage point to below 7%. Buyers who want a low interest rate and smaller monthly payment may want to secure a 30-year mortgage today, ahead of likely rate fluctuations. But borrowers looking to take advantage of interest savings may want to consider 15-year rates, which are currently the lowest available at 6.25%.
To find great mortgage rates, start by using Credible’s secure website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.
Based on data compiled by Credible, types of mortgage refinancing they have fallen in all repayment conditions since last Friday.
Rates last updated on January 10, 2023. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.
What does this mean: Mortgage refinance rates fell across all terms today, with rates for all terms falling a quarter of a percentage point or more. Homeowners looking to refinance to a longer term may want to consider 20-year rates, which are the lowest available at 6%. A 20-year mortgage refinance offers a desirable combination of a relatively low rate and manageable monthly payments.
How mortgage rates have changed over time
Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac: 16.63% in 1981. A year before the COVID-19 pandemic disrupted economies around the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.
The historic drop in interest rates means that homeowners who have mortgages starting in 2019 could make significant interest savings by refinancing at one of today’s lowest interest rates. When considering a mortgage refinance or purchase, it’s important to consider closing costs such as appraisal, application, origination and attorney fees. These factors, in addition to the interest rate and loan amount, contribute to the cost of a mortgage.
Looking to buy a home? Credible can help you compare current rates from various mortgage lenders all at once in a few minutes. Use Credible’s online tools to compare rates and prequalify today.
Thousands of Trustpilot reviewers rate Credible as ‘excellent’.
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’s average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by creditor partners who pay compensation to Credible.
The rates assume a borrower has a credit score of 740 and is taking out a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% down payment.
The reliable mortgage rates listed here will only give you an idea of the current average rates. The rate you actually receive may vary based on several factors.
What is a good mortgage rate?
Generally, a good mortgage rate is the lowest you can choose based on your individual factors such as credit history, income, other debt, down payment amount and more.
A rate that is good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget for savings, investments and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you want to buy.
If you’re trying to find the right mortgage rate, consider using Credible. you can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified rates in just a few minutes.
Have a finance-related question but don’t know who to ask? Email The Credible Money Expert a [email protected] and Credible can answer your question in our money expert column.
