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

Current 30-year mortgage rates fall to 6% | December 6, 2022

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Check out mortgage rates for December 6, 2022, which have been mixed since yesterday. (Credible)

According to data compiled by Credible, mortgage rates for home purchases fell for two key terms and rose for two other terms since yesterday.

Rates were last updated on December 6, 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: 20- and 30-year mortgage rates are down today, with 20-year rates falling back below 6%. Meanwhile, 15-year rates rose a quarter of a point and 10-year rates rose 0.375 percentage points. Mortgage rates will likely continue to fluctuate, so buyers who want a longer repayment term may want to lock in a low rate today ahead of likely rate swings.

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 fell for two key mandates and increased for two other mandates since yesterday.

Rates were last updated on December 6, 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: Mortgage refinance rates fell slightly for longer terms today, with 20-year rates falling back below 6%. Rates for 15-year terms are more than a quarter point lower than 30-year terms, meaning homeowners looking to refinance can consider a shorter term for greater interest savings. Shorter terms come with higher monthly payments, but they offer homeowners the chance to get out of their mortgage sooner.

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 ​​today’s average rates. The rate you actually receive may vary depending 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 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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