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Check out the mortgage rates for September 16, 2022, which are mixed from yesterday. (Credible)
Based on data compiled by Credible, mortgage refinance rates are mixed today, with two key rates rising, one falling and one holding steady since yesterday.
Rates last updated on September 16, 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 refinance rates edged up today for longer repayment terms, bringing 30-year rates back over 6%. Meanwhile, 15-year rates fell slightly and 10-year rates held steady. Homeowners looking to refinance may want to consider 15-year rates, as they’re currently the lowest available. Though shorter terms come with higher monthly payments, they offer homeowners the opportunity to be mortgage-free sooner.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, mortgage rates for home purchases are mixed today, with two key rates rising, one falling and one holding steady since yesterday.
Rates last updated on September 16, 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 home purchases rose for longer repayment terms today, bringing 30-year rates back above the 6% mark. Rates for a 15-year mortgage are the lowest available at 5.49%, meaning homebuyers who want to save the most on interest may want to consider a shorter term. But with 20-year rates higher than 30-year rates, buyers who want a longer repayment term should stick with a 30-year mortgage.
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%. …….