15-Year Mortgage Rates Remain Stable, Others Rise | August 26, 2021



Our goal here at Credible Operations, Inc., NMLS 1681276, hereinafter referred to as “Credible”, is to provide you with the tools and confidence you need to improve your finances. Although we promote the products of our lender partners who compensate us for our services, all opinions are ours.

Check out mortgage rates as of August 26, 2021, which are trending upward since yesterday. (iStock)

Mortgage rates have risen by three out of four maturities since yesterday, according to data compiled by Credible.

  • 30 year fixed mortgage rates: 2.875%, up from 2.750%, +0.125
  • Fixed rates on mortgages for 20 years: 2.625%, up from 2.500%, +0.125
  • Fixed rates on mortgages for 15 years: 2.125%, no change
  • 10 year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

Rates were last updated on August 26, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

What does it mean: After yesterday’s drop, 30-, 20-year and 10-year mortgage rates jumped again today, returning to Tuesday’s levels. Despite this fluctuation, overall rates continued to be at historic lows throughout the summer – 10-year and 15-year rates remained at near-record lows for 37 days. This means home buyers looking to get a good mortgage deal and save on interest have the option to do so regardless of whether they choose a longer or shorter maturity.

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

Review rates from multiple lenders so you can make an informed home loan decision.

Credible, the personal finance marketplace, has 4,500 reviews on Trustpilot with an average rating of 4.7 (out of a possible 5.0).

Looking at today’s mortgage refinancing rates

Daily fluctuations in refinancing rates are common, so homeowners looking to refinance may want to lock in their rates today while they are lower. 30-year refinancing rates, which are the most common, have dropped to 2.750% today, giving homeowners the opportunity to save on interest while keeping their monthly payment manageable. And homeowners who can increase their payment and want to save on interest can find a great deal for 15 or 10 years. Rates for both terms remained at 2.125% for 14 consecutive days. If you are thinking of refinancing an existing home, check out what the refinancing rates look like:

  • 30 Years Fixed Rate Refinancing: 2.750%, up from 2.875%, -0.125
  • 20 year fixed rate refinancing: 2.625%, up from 2.500%, +0.125
  • 15 year fixed rate refinancing: 2.125%, no change
  • 10 year fixed rate refinancing: 2.125%, no change

Rates were last updated on August 26, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

A site like Credible can be of great help when you’re ready to compare mortgage refinancing loans. Credible allows you to see prequalified rates for conventional mortgages from multiple lenders within minutes. Visit Credible Today to start.

Credible is rated 4.7 stars (out of a possible 5.0) on Trustpilot and has over 4,500 reviews from customers who safely compared preliminary ratings.

What’s a good mortgage rate?

Many factors affect the mortgage rate that a lender can offer you. But generally, a good mortgage rate is the lowest rate you can qualify for based on your individual factors such as credit history, income, other debts, down payment amount, etc.

A rate that’s right for your financial situation should result in monthly mortgage payments that you can manage, while still leaving enough room in your monthly budget for savings, investments, and an emergency fund. And a good rate should be competitive with the average rates in the geographic area where you want to buy.

Once you have selected the type of home loan that suits you, you can compare several lenders to really find the best rates.

Current mortgage rates

Despite the fact that rates for three terms have increased since yesterday, in general, rates on mortgage loans continue to remain at historic lows. Today, the average mortgage interest rate is 2.438%, and the average rates have remained below 2.5% for more than one month.

Current 30 Year Mortgage Rates

The current interest rate for a 30 year fixed rate mortgage is 2.875%. It was yesterday. Thirty years is the most common mortgage loan repayment term because 30 year mortgages usually give you a lower monthly payment. But they also usually have higher interest rates, which means that you will 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 2.625%. It was yesterday. Shortening your maturity by just 10 years could mean you get a lower interest rate – and pay less in total interest over the life of the loan.

Current 15 Year Mortgage Rates

The current interest rate for 15 year fixed rate mortgages is 2.125%. This is the same as yesterday. A fifteen-year mortgage is 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 term of the loan – while keeping your monthly payments manageable.

Current 10 Year Mortgage Rates

The current interest rate for a 10 year fixed rate mortgage is 2.125%. It was yesterday. 10-year fixed-rate mortgages, although less common than 30-year and 15-year mortgages, generally yield lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare the current rates of various lenders who offer mortgage refinancing as well as home loans. Check plausibility and pre-qualify today and take a look at today’s refinancing rates from the link below.

Thousands of Trustpilot reviewers have rated Credible excellent.

Rates were last updated on August 26, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

How mortgage interest rates are calculated

Changing economic conditions, policy decisions of the central bank, investor sentiment and other factors influence changes in mortgage rates. Reliable average mortgage rates and mortgage refinancing rates are calculated based on information provided by partner lenders who reimburse Credible.

The rates assume that the borrower has a credit rating of 740 and is taking out a regular loan on a single family home that will be their primary residence. The rates also assume no (or very low) discounts and a 20% down payment.

Reliable mortgage rates will only give you an idea of ​​the current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

Today mortgage rates are virtually unchanged compared to that time last week.

  • 30 year fixed mortgage rates: 2.875% same as last week
  • Fixed rates on mortgages for 20 years: 2.625%, up from 2.750% last week, -0.125
  • Fixed rates on mortgages for 15 years: 2.125% same as last week
  • 10 year fixed mortgage rates: 2.125% same as last week

Rates were last updated on August 26, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

If you are trying to find a suitable mortgage rate or want to refinance an existing home, consider using Credible. You can use the free online tool Credible to easily compare multiple lenders and view pre-qualified rates in just a few minutes.

With over 4,500 reviews, Credible is rated “excellent” by Trustpilot.

Factors that affect mortgage rates (and are under your control)

Many factors affect what mortgage interest rate you can apply for, and some of them are under your control. Improving these factors can help you qualify for a lower interest rate.

  • Credit rating: Typically, the lowest interest rates go to the borrowers with the highest credit ratings. Improving your credit rating before you apply for a mortgage can help you get a lower interest rate than you would with a lower credit rating.
  • 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 sum of all your monthly minimum debt payments. A higher DTI may be a sign that you may be having difficulty making your mortgage payment. A lower DTI tells lenders that you have more affordable income to pay off your mortgage. Generally, lenders prefer a DTI of 35% or less.
  • Down payment amount: The down payment reduces the amount you have to borrow, which means that less of the lender’s money is at risk. Typically, lenders (and many sellers) favor a higher down payment. If you pay less than 20% of the purchase price of your home, many lenders will require you to pay for private mortgage insurance, which protects the lender (not you) if you cannot pay off your mortgage.
  • House location / price: Interest rates can vary depending on which state you live in and which state you buy from. Likewise, if you need to borrow much more than average (large loan) or very little, you can get a higher interest rate.
  • Maturity: Historically, the longer the maturity of the loan, the higher the interest rate. The lowest rates are usually assumed for 10 or 15 years, while 30-year rates usually have the highest interest rates. If you can change a larger monthly payment with a shorter term, you can get a lower interest rate and significant savings in interest over the life of the loan.

Want to lower your home insurance rate?

A home insurance policy can help cover unforeseen expenses that you may incur while owning a home, such as structural damage and destruction or theft of personal property. Coverage can vary widely among lenders, so it is wise to take a closer look and compare the policy quotes.

Credible partners with a home insurance broker. If you are looking for the best price on home insurance and considering changing your provider, consider using an online broker. You can compare rates from the leading insurance companies in your area – it’s fast, easy, and the whole process can be done completely online.

Have a financial question but don’t know who to contact? Write to a safe money expert at moneyexpert@credible.com and your question can be answered by Credible in our Money Expert column.

As a reputable expert on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He has been an editor and assistant editor for personal finance on the Internet for four years. His work has been featured by MSN, AOL, Yahoo Finance and others.


Source link