20-year mortgage rates remain at an economic low for the 12th day in a row | October 21, 2021

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View mortgage rates for October 21, 2021, which are unchanged from yesterday. (iStock)

According to data compiled by Credible, mortgage rates have remained unchanged since yesterday.

  • 30-year fixed mortgage rates: 3.125%, unchanged
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • 15-year fixed mortgage rates: 2.375%, unchanged
  • 10-year fixed mortgage rates: 2.125%, unchanged

Rates were last updated on October 21, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Daily swings are common with mortgage rates, regardless of the length of the term, but overall rates have gradually increased in the last quarter of 2021, as experts predicted. Overall, rates are higher today than they were this time last month. But buyers still have time to get a good deal on a mortgage and save on interest. For buyers who want a relatively low monthly payment and a money-saving rate, 20-year terms stand out as a bargain. Rates for this term have held steady at 2.750% for 12 consecutive days.

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

Mortgage refinance rates for all terms have not changed since yesterday, although mortgage experts have predicted that rates could rise further by the end of the year. Rates for a 20-year term continue to stand out as a boon for homeowners looking to refinance and save on interest while keeping their monthly payment manageable. This term has held firmly at 2.750% for 12 straight days. If you’re considering refinancing an existing home, find out what refinance rates look like:

  • Refinancing at a fixed rate over 30 years: 3.125%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.750%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.375%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.375%, unchanged

Rates were last updated on October 21, 2021. 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.

Factors That Influence Mortgage Rates (And Are Beyond Your Control)

Many factors influence the interest rate a lender can offer you. Some, like your credit score, are under your control. But others you don’t have the ability to affect, like…

  • The economy – During financial downturns, the Fed may lower interest rates in an attempt to stimulate the economy. And when the economy is doing well, interest rates can rise.
  • Inflation Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to increase.
  • The Federal Reserve The Fed can choose to lower interest rates to stimulate a struggling economy or raise them to try to curb inflation.
  • Macro Employment Trends When many people are out of work, as they were during the pandemic lockdown months, mortgage rates can drop. As employment increases, interest rates generally increase as well.

Current Mortgage Rates

Today’s average mortgage interest rate remains at 2.594% for the second day in a row and is higher than the average mortgage interest rate at the same time last week.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 3.125%. 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 2.750%. 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 2.375%. It’s the same as 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 2.125%. It’s the same as yesterday. Although less common than 30 and 15 year mortgages, a 10 year fixed rate mortgage generally 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 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 October 21, 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 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 mixed compared to this time last week.

  • 30-year fixed mortgage rates: 3.125%, vs. 2.990% last week, +0.135
  • 20-year fixed mortgage rates: 2.750%, the same as last week
  • 15-year fixed mortgage rates: 2.375%, vs. 2.250% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, the same as last week

Rates were last updated on October 21, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

These rates are based on the assumptions indicated 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.

Can I get a mortgage with bad credit?

Credit scores are a snapshot of your credit history, and they typically range from 300 to 850. FICO, a widely used credit score model, breaks down credit scores this way:

  • Poor: 579 or less
  • Fair: 580-669
  • Good: 670-739
  • Very good: 740-799
  • Exceptional: 800 or more

To qualify for a conventional loan — which isn’t backed by any government agency — you’ll usually need a fair credit score of at least 620. But it’s possible to qualify for FHA loans, which are insured by the Federal Housing Administration, with a bad credit rating as low as 500.

And Veterans Administration loans, which are for veterans, active duty members, and their spouses, have no minimum credit score requirements. USDA loans, which help very low-income Americans shop in certain rural areas, also have no minimum credit score requirements.

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 completely 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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