Today the average mortgage rate is below 2.5% for the 20th day in a row | August 2, 2021

0
13

[ad_1]

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 2, 2021, which are on a downward trend compared to last Friday. (iStock)

According to data compiled by Credible, two key mortgage rates have not changed since last Friday, while the other two have declined.

  • 30 year fixed mortgage rates: 2.750%, no change
  • Fixed rates on mortgages for 20 years: 2.625%, no change
  • Fixed rates on mortgages for 15 years: 2.000%, compared to 2.125%, -0.125
  • 10 year fixed mortgage rates: 2.000%, compared to 2.125%, -0.125

Rates were last updated on August 2, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

What does it mean: Leading up to the last month of summer, today’s mortgage rates continue to represent a bargain for people who buy a home. The average mortgage rate is only 2.344% – on the 20th day it was below 2.5%. 30-year rates, which are the most popular, have remained unchanged at 2.750% for seven consecutive days.

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

As mortgage refinancing rates continue to match rates when buying a home, now can be a particularly opportune time to refinance. Usually the refinancing rates are higher than the purchase rates. Home buyers who can increase their monthly payment can find an exceptional deal by refinancing for a shorter 10-year or 15-year term and earning interest savings. 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
  • Fixed refinancing rates for 20 years: 2.625%, no change
  • Fixed refinancing rates for 15 years: 2.000%, compared to 2.125%, -0.125
  • 10-year fixed refinancing rates: 2.000%, compared to 2.125%, -0.125

Rates were last updated on August 2, 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 has been 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.

How to get low mortgage rates

Mortgage and refinancing rates depend on many economic factors such as unemployment and inflation. But your personal financial history will also be determine the rates that are offered to you

If you want the lowest possible monthly mortgage payment, follow these steps to get a lower home loan rate:

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research Freddie Macborrowers can save an average of $ 1,500 over the life of the loan by making a purchase at just one additional rate, and an average of $ 3,000 by comparing five rate quotes.

The trustworthy one can help you compare current rates from multiple mortgage lenders in just a few minutes. Do you want to refinance your existing home? Use Credible’s online tools to compare rankings and prequalify today.

Current mortgage rates

The average mortgage interest rate today is only 2.344%, down 0.063% from last week.

Current 30 Year Mortgage Rates

The current interest rate for a 30 year fixed rate mortgage is 2.750. This is the same as last Friday. 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 on a 20 year fixed rate mortgage is 2.625%. This is the same as last Friday. 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 a 15 year fixed rate mortgage is 2.000%. This is less than last Friday. A fifteen-year mortgage is the second most common mortgage term. A 15-year mortgage can help you get a lower interest 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 2.000%. This is less than last Friday. 10-year fixed-rate mortgages, although less common than 30 and 15-year mortgages, generally offer 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 2, 2021. These rates are based on the stated assumptions. here… Actual rates may vary.

How mortgage rates have changed

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

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

Rates were last updated on August 2, 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 see prequalified rates in just a few minutes.

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

Forecast of mortgage rates in 2021

Researchers from 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%

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’s wise to take a closer look and compare insurance 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 the Safe Money Specialist 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 mortgage loans, 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.

[ad_2]

Source link