30-year mortgage rates plunge even lower than 20-year rates |  March 29, 2022
20-year mortgage rates slide, two other key rates hold steady |  April 14, 2022

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Check out mortgage rates for April 14, 2022, which have been mixed since yesterday. (Credible)

Based on data compiled by Credible, mortgage refinance rate have been mixed since yesterday, with two key rates down and one up.

Rates were last updated on April 14, 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: Refinance rates fell slightly for two key terms today, but with rates surging in recent weeks, 30- and 20-year terms are still at or just below 5%. Mortgage refinance rates can fluctuate from day to day, so homeowners may want to act today to lock in a lower rate ahead of future increases.

Today’s Mortgage Rates for Buying a Home

According to data compiled by Credible, mortgage rates for buying a home have been mixed since yesterday, with one key rate up and one down.

Rates were last updated on April 14, 2022. These rates are based on the assumptions presented here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

What does that mean: Rates for 30-year terms, which are the most popular, are back above 5%, meaning buyers may want to look to shorter terms to take advantage of the interest savings. With rates on 10-year loans one point lower than 30-year loans, borrowers who can afford higher monthly mortgage payments should shop around and consider shorter repayment terms to find their best possible rate.

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 or refinance, 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, central bank policy decisions, 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.

Factors that influence mortgage rates (and are within your control)

Many factors affect the mortgage interest rate you qualify for, and some of them are within your control. Improving these factors could help you qualify for a lower interest rate.

  • Credit score — Generally, the lowest interest rates are granted to borrowers with the highest credit ratings.
  • Debt-to-income ratio — DTI is a percentage that compares your total debt to your income. To calculate DTI, divide your monthly gross income by the total of all your monthly minimum debt payments. Generally, lenders prefer a DTI of 35% or less.
  • Deposit amount – Generally, lenders (and many sellers) look favorably on a higher down payment. If you pay less than 20% of the purchase price of the home, many lenders will require you to pay for private mortgage insurance, which protects the lender (not you) if you default on the mortgage.
  • Place of residence/price — Interest rates may vary depending on the state you live in and where in the state you are buying. Likewise, if you need to borrow much more than average (a jumbo loan) or very little, you can get a higher interest rate.
  • Repayment period – The lowest rates usually come with 10 or 15 year terms, while 30 year terms usually have the highest interest rates.

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 moneyexpert@credible.com 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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