Mortgage rates remain low today | August 17, 2021

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Our goal here at Credible Operations, Inc., NMLS 1681276, referred to as “Credible” below, 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 17, 2021, which haven’t changed much since yesterday. (iStock)

According to Credible, mortgage rates have barely changed since yesterday.

  • 30 year fixed mortgage rates: 2.750%, no change
  • Fixed rates on mortgages for 20 years: 2.500%, no change
  • 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 17, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

What does it mean: Interest rates on all repayment terms have remained historically low, giving home buyers greater purchasing power. Today’s low mortgage rates are fueling a booming real estate market in many parts of the country. When rates are low, the purchasing power of home buyers is higher. For example, if you borrow $ 250,000 for 30 years at 2.750%, the monthly payment would be only $ 1,021.

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

Today’s mortgage refinancing rates have remained virtually unchanged since yesterday, except for 20-year fixed rates that have declined. The average mortgage refinancing rate is 2.375% – the lowest rate in nearly two weeks. If you are thinking of refinancing an existing home, check out what the refinancing rates look like:

  • 30 year fixed refinancing rates: 2.750%, no change
  • 20-year fixed refinancing rates: 2,500%, up from 2.625%, -0.125
  • Fixed refinancing rates for 15 years: 2.125%, no change
  • 10-year fixed refinancing rates: 2.125%, no change

Rates were last updated on August 17, 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 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

Mortgage interest rates continue to be at historic lows despite daily fluctuations. Under all repayment terms, rates remained below 3% for two months.

Current 30 Year Mortgage Rates

The current interest rate for a 30 year fixed rate mortgage is 2.750%. This is the same as 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 2.500%. This is the same as 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 17, 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, which 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 mixed compared to last week.

  • 30 year fixed mortgage rates: 2.750%, up from 2.875% last week, -0.125
  • Fixed rates on mortgages for 20 years: 2,500%, up from 2.625% last week, -0.125
  • Fixed rates on mortgages for 15 years: 2.125% same as last week
  • 10 year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125

Rates were last updated on August 17, 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.

Forecast of mortgage rates in 2021

Researchers in Freddie Mac Mortgage rates are expected to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.

Fannie Mae Researchers expect mortgage rates to be slightly higher this year, citing continued gains in 10-year Treasury yields. Ultimately, however, Fannie Mae experts believe that lenders will “absorb” some of the increased costs, as “demand for refinancing is gradually weakening,” keeping rates relatively stable.

Here are predictions of what 30-year fixed rates will look like before the end of the year:

Freddie Mac

  • Q2 (April to June): 2.9%
  • III quarter (July-September): 3.0%
  • Q4 (October to December): 3.0%

Fannie Mae

  • Q2 (April to June): 2.8%
  • Q3 (July to September): 2.9%
  • Q4 (October to December): 2.9%

How accurate were their predictions?

Actual average 30-year fixed rate in the first quarter (January to March): 2.877%

  • Freddie Mac’s forecast: 2.9%
  • Fannie Mae forecast: 2.7%

What are mortgage points?

To understand what mortgage points are and how they work, it is helpful to keep in mind that interest is the main way lenders make money. When you get a low interest rate and pay less interest, your lender makes less money on your mortgage than if he charged you a higher interest rate.

Points – also called discount points – allow lenders to make money but still give you a lower interest rate. Points are upfront payments that you pay at close in exchange for a lower interest rate. They increase your closing costs but can lower your interest expense over the life of the loan.

Usually, one point is equal to 1% of the loan amount, although this may vary. How much each point will lower your interest rate depends on the lender, the type of mortgage, and the mortgage market in the area where you are buying.

Here’s an example of how mortgage points can work.

  • You are applying for a mortgage of USD 200,000 at 4% per annum.
  • Your lender will charge you two discount points
  • Each point is equal to 1% of the loan amount and reduces the interest rate by 0.25%.
  • You pay your lender $ 4,000 when you close the deal.
  • Your lender lowers your interest rate by 0.50% to 3%.

Points can be a good option if you know you are going to be in the house for a long time and can recoup the additional closing costs and get a discount on interest. Points can also be a way to get a lower interest rate if your loan is not large enough to qualify for a low interest rate.

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.

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