Current 20-Year Mortgage Rates Plunge to 7-Week Lows |  November 9, 2022

Current 15-Year Mortgage Rates Offer Best Opportunity to Save Money | December 5, 2022

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Check out mortgage rates for December 5, 2022, which have been mixed since last Friday. (Credible)

According to data compiled by Credible, mortgage rates for home purchases rose for two key terms and remained unchanged for two other terms since last Friday.

Rates were last updated on December 5, 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: Rates on a 20-year mortgage jumped more than a quarter point to 6% over the weekend, meaning buyers may want to consider shorter repayment terms to save on interest. Rates for a 15-year term have remained stable since last Friday and are currently the lowest available at 5.375%. Although the shorter terms come with higher monthly payments, they allow buyers to become mortgage free sooner.

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.

Based on data compiled by Credible, mortgage refinance rate rose for two key terms and remained unchanged for two more terms since last Friday.

Rates were last updated on December 5, 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: 20-year mortgage refinance rates rose today, bringing rates for this popular repayment term to 6%. Meanwhile, 10-year rates also rose slightly, and 15- and 30-year rates remained stable. With 10- and 15-year rates well below 6%, homeowners who can handle a higher monthly payment can save more on interest by opting for a shorter term. Homeowners looking to cash refinance to access their home’s equity for renovations or repairs can still save more with shorter-term refinance than they would by financing these improvements with other products. , such as credit cards or personal loans.

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, 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 ‚Äč‚Äčtoday’s average rates. The rate you actually receive may vary depending on a number of factors.

What is a good mortgage rate?

Generally, a good mortgage rate is the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount and more.

A rate that suits your financial situation should translate into a monthly mortgage payment you can manage, while leaving enough room in your monthly budget for savings, investments and an emergency fund. And a good rate must be competitive with the average rates of the geographical area where you are looking to buy.

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 and your question might be answered by Credible in our Money Expert column.

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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