Today’s best mortgage rate deal? Shorter terms slide lower | January 21, 2022

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Check out the January 21, 2022 mortgage rates, which have been mixed since yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have held steady for longer repayment terms and have gradually declined for shorter terms since yesterday.

  • 30-year fixed mortgage rates: 3.625%, unchanged
  • 20-year fixed mortgage rates: 3.375%, unchanged
  • 15-year fixed mortgage rates: 2.750%, vs 2.875%, -0.125
  • 10-year fixed mortgage rates: 2.750%, vs 2.875%, -0.125

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: While 30-year and 20-year rates remained stable for a third consecutive day, mortgage rates have been slowly rising since the start of the year. Buyers who want to lock in a rate that can save them interest and a lower monthly payment may want to lock in a rate today before further increases.

These rates are based on the assumptions indicated here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can 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 today’s mortgage refinance rates

Despite gradual gains since last week, mortgage refinance rates unexpectedly fell today for 30- and 20-year repayment terms. With 20-year rates at the advantageous level of 3.375% and 15- and 10-year rates holding at 2.875% for a third day in a row, owners could realize interest savings by refinancing under one of these conditions. If you’re considering refinancing an existing home, find out what refinance rates look like:

  • Refinancing at a fixed rate over 30 years: 3.625%, vs 3.750%, -0.125
  • Refinancing at a fixed rate over 20 years: 3.375%, vs 3.500%, -0.125
  • Refinancing at a fixed rate over 15 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.875%, unchanged

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see pre-qualified rates for conventional mortgages from multiple lenders in 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 reviews from customers who have safely compared pre-qualified rates.

How to get low mortgage rates

Mortgage and refinance rates are influenced by many economic factors, such as the number of unemployed and inflation. But your personal financial history will also be determine the prices offered to you.

If you want to get the lowest possible monthly mortgage payment, the following steps can help you get a lower rate on your home loan:

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research by Freddie Macborrowers can save an average of $1,500 over the term of their loan by purchasing just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

Credible can help you compare current rates from multiple mortgage lenders both in minutes. Looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current Mortgage Rates

The average mortgage interest rate for all repayment terms is 3.125%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 3.625%. It’s the same as yesterday. Thirty years is the most common repayment term for mortgages, as 30-year mortgages usually 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 3.375%. It’s the same as 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 2.750%. It’s been down since yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can 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 2.750%. It’s been down since yesterday. Although less common than 30- and 15-year mortgages, a 10-year fixed rate mortgage generally gives you lower lifetime interest rates and interest charges, but a higher monthly mortgage payment .

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders that 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 as “excellent”.

Rates were last updated on January 21, 2022. 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 movement 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 a borrower has a credit score of 740 and is borrowing 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% 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 last week.

  • 30-year fixed mortgage rates: 3.625%, vs. 3.500% last week, +0.125
  • 20-year fixed mortgage rates: 3.375%, compared to 3.125% last week, +0.250
  • 15-year fixed mortgage rates: 2.750%, vs. 2.625% last week, +0.125
  • 10-year fixed mortgage rates: 2.750%, vs. 2.625% last week, +0.125

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re trying to find the right rate for your mortgage or looking to refinance an existing home, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified rates in just minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

What credit score do I need to buy a house?

The credit score you’ll need to get a mortgage will vary depending on several factors, including the type of mortgage you’re applying for. Here are the general credit score requirements for some popular mortgage products.

FHA Loans

The Federal Housing Administration, part of the US Department of Housing and Urban Development, insures these loans, which are made by private lenders. It is possible to qualify for an FHA loan with a credit score as low as 500, but you will need to have a down payment of at least 10%. With a credit score of 580 or higher, you would only have to deposit 3.5%.

AV loans

The U.S. Department of Veterans Affairs guarantees a portion of these loans, which are made through private lenders and are only available to active duty military personnel, veterans, and their spouses. VA loans have no minimum credit score requirement. But the VA’s guidelines help ensure applicants will have enough income to pay the loan.

USDA Loans

Very low-income Americans who want to buy homes in certain rural areas may be eligible for a loan from the United States Department of Agriculture. The USDA funds these loans, and there is no minimum credit score requirement.

Conventional loans

A conventional loan is a loan that is not guaranteed by any government agency. To qualify for a conventional loan, you will generally need a credit score of at least 620 for fixed rate loans and 640 for adjustable rate mortgages. according to Fannie Mae.

Want to lower your home insurance premium?

A home insurance policy can help cover unexpected costs you may incur when you own a home, 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.

Do you have a financial question, but you don’t know who to contact? Email The Credible Money Expert at [email protected] and your question may be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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