30-year mortgage rates hit 10-day low | June 27, 2022

0

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Check out mortgage rates for June 27, 2022, which are significantly down from last Friday. (Credible)

Based on data compiled by Credible, mortgage refinance rate fell for three key redemption terms and rose for another since last Friday.

Rates last updated on June 27, 2022. These rates are based on the assumptions presented here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What does that mean: At 4.875%, the 15-year rates could be a bargain for homeowners looking to refinance with a relatively low interest rate and a manageable monthly payment.

Today’s Mortgage Rates for Buying a Home

Based on data compiled by Credible, mortgage rates for home purchases fell for three key terms and rose for another term since last Friday.

Rates last updated on June 27, 2022. These rates are based on the assumptions presented here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

What does that mean: While 30-year rates have fallen slightly since last Friday, 10- and 15-year rates have fallen significantly. Buyers looking for a combination of lower interest rates and lower monthly mortgage payments can consider 15-year rates, which are the lowest in 11 days. Homebuyers who can make larger monthly payments can save the most with a 15-year mortgage.

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.

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 upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.

The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with 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’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

Are you looking to buy a house? Credible can help you compare current rates from multiple mortgage lenders both in minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

How Credible Mortgage Rates Are Calculated

Changing economic conditions, policy decisions by central banks, investor sentiment and other factors influence the movement of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates shown in this article are calculated based on information provided by partner lenders who pay compensation to 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.

The credible mortgage rates listed here will only give you an idea of ​​today’s average rates. The rate you actually receive may vary based on a number of factors.

How to get low mortgage rates

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 looking for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

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 minutes.

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.

Share.

Comments are closed.