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View mortgage rates for December 9, 2022, up from yesterday. (Credible)
Based on data compiled by Credible, mortgage rates for home purchases have risen on all terms since yesterday.
Rates were last updated on December 9, 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: Mortgage rates rose slightly across all terms today, bringing 30-year rates down to the 6% mark. Homebuyers who want a low interest rate and a manageable monthly payment can consider 15-year rates, which are the lowest available at 5.75%. But with 20-year rates higher than 30-year rates, borrowers who want a longer repayment term should stick with a 30-year mortgage. Comparing rates from multiple lenders can help buyers find the best possible deal for their unique financial situation.
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 increased on all mandates since yesterday.
Rates were last updated on December 9, 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 rose across all repayment terms today, with rates for 30-year terms hitting 6%. Rates for shorter repayment terms have also increased slightly, but remain below 6%. With today’s increases, 15-year rates offer homeowners the best opportunity to save more on interest. Homeowners considering cash refinancing to fund home improvement projects can still get a better rate than they would using other financial products, like 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 today’s average rates. The rate you actually receive may vary depending on a number of factors.
Factors That Influence Mortgage Rates (And Are Beyond Your Control)
Many factors influence the interest rate a lender can offer you. Some, like your credit score, are under your control. But others that you don’t have the ability to affect, such as:
- The economy – During financial downturns, the Fed may lower interest rates in an attempt to stimulate the economy. And when the economy is doing well, interest rates can rise.
- Inflation — Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to increase.
- The Federal Reserve — The Fed can choose to lower interest rates to stimulate a struggling economy or raise them to try to curb inflation.
- Macro Employment Trends — When many people are out of work, as they were during the pandemic lockdown months, mortgage rates can drop. As employment increases, interest rates generally increase as well.
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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