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Check out the mortgage rates for August 5, 2022, which are largely down from yesterday. (Credible)
Based on data compiled by Credible, mortgage refinance rates are mixed since yesterday, with two rates falling, one rising, and a fourth holding steady.
Rates last updated on August 5, 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: Rates for a 30-year refinance edged lower today, bringing this popular term further below the 5% mark. Meanwhile, 20-year rates held steady, and 10-year rates surged to hit 4.750%. Homeowners who can manage higher monthly payments may want to consider 15-year rates – at 4.5%, they’re currently the lowest available. With rates for all repayment terms below 5%, homeowners who have been waiting to refinance might consider locking in a rate today.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, three key mortgage rates for home purchases have fallen and one held steady since yesterday.
Rates last updated on August 5, 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: Three key mortgage rates dropped today, while one other held steady, giving buyers an opportunity to save on interest. Thirty-year rates, which tend to be the most popular, dipped further below 5%, while rates for 10- and 15-year terms also fell. Buyers may want to lock in a low rate today while rates for all repayment terms are still under 5%.
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 …….