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Check out the mortgage rates for March 15, 2022, which are trending up from yesterday. (Credible)
Based on data compiled by Credible, mortgage refinance rates have risen since yesterday.
Rates last updated on March 15, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.
What this means: Mortgage interest rates have been rising since the beginning of the year, and 30-year mortgage refinance rates haven’t been this high since before the pandemic. Still, homeowners with good credit and older mortgages may be able to find a lower interest rate by comparison shopping. Borrowers who find a good rate should consider locking it in right away ahead of any further increases.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, mortgage rates for home purchases have risen since yesterday.
Rates last updated on March 15, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
What this means: Rates for 30- and 20-year terms have risen significantly since yesterday, with each term sitting well over 4%. To find the lowest rate available to them, buyers should comparison shop and consider shorter repayment terms. Although their monthly mortgage payments will be higher, buyers who opt for a 15-year or 10-year mortgage stand to realize significant interest savings over the life of their loans.
To find great mortgage rates, start by using Credible’s secured 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.
How mortgage rates have changed over time
Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.
The historic drop in interest rates means …….