Flat mortgage rates give buyers another day to lock in a bargain | Nov. 18, 2021
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Check out the mortgage rates for Nov. 18, 2021, which are unchanged from yesterday. (iStock)
Based on data compiled by Credible, mortgage rates have remained unchanged since yesterday.
- 30-year fixed mortgage rates: 3.125%, unchanged
- 20-year fixed mortgage rates: 2.875%, unchanged
- 15-year fixed mortgage rates: 2.375%, unchanged
- 10-year fixed mortgage rates: 2.375%, unchanged
Rates last updated on Nov. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Mortgage rates have been resting at bargain lows all week, giving homebuyers time to lock in a low rate. But buyers might want to act sooner rather than later — mortgage experts have predicted slow but steady increases in the final months of 2021. While rates remain comparatively low, today’s mortgage rates are higher than last week at this time.
These rates are based on the assumptions shown here. Actual rates may vary.
To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:
Browse rates from multiple lenders so you can make an informed decision about your home loan.
Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
Looking at today’s mortgage refinance rates
With mortgage refinance rates at a standstill for the fourth day in a row, homeowners who act now can refinance into an interest-saving mortgage before rates increase further. Refinance rates are lower than rates for a mortgage purchase prior to the pandemic, so homeowners who refinance now stand to save money whether they choose a longer or shorter term. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed-rate refinance: 3.125%, unchanged
- 20-year fixed-rate refinance: 2.875%, unchanged
- 15-year fixed-rate refinance: 2.375%, unchanged
- 10-year fixed-rate refinance: 2.375%, unchanged
Rates last updated on Nov. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.
Credible has earned a 4.7 star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.
Comparing home loan types
Home ownership is a key component of the American Dream for many people. And between the federal government and private lenders, multiple types of home loans are available to help as many people as possible achieve the dream of owning a home.
With so many options, it can be difficult to know which type of home loan may be best for your needs. Here are some comparisons to help you understand the difference between loan types.
Government-backed vs. conventional loans
Government-backed loans are either issued or insured by the federal government. These include FHA loans, VA loans, and USDA loans. Conventional loans are not issued or insured by the government.
Because the risk to private lenders is lower with government-backed loans, these loans can be easier to get, but have higher interest rates. With conventional loans, the lender assumes all the risk if a borrower defaults, so they can be more difficult to get. But if you have the credit score and income to qualify for a conventional loan, you may find you’re able to get a better interest rate.
Current mortgage rates
For the fourth day in a row, the average mortgage interest rate is sitting at 2.688%.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 3.125%. This is the same as yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.
Current 20-year mortgage rates
The current interest rate for a 20-year fixed-rate mortgage is 2.875%. This is the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.
Current 15-year mortgage rates
The current interest rate for a 15-year fixed-rate mortgage is 2.375%. This is the same as yesterday. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.
Current 10-year mortgage rates
The current interest rate for a 10-year fixed-rate mortgage is 2.375%. This is the same as yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.
You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.
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Rates last updated on Nov. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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 average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.
Credible mortgage rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.
How mortgage rates have changed
Today, mortgage rates are mostly up compared to this time last week.
- 30-year fixed mortgage rates: 3.125%, up from 3.050% last week, +0.075
- 20-year fixed mortgage rates: 2.875%, the same as last week
- 15-year fixed mortgage rates: 2.375%, up from 2.250% last week, +0.125
- 10-year fixed mortgage rates: 2.375%, up from 2.250% last week, +0.125
Rates last updated on Nov. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.
Can I get a mortgage with bad credit?
Credit scores are a snapshot of your credit history, and they usually range from 300 to 850. FICO, a widely used credit-scoring model, breaks down credit scores this way:
- Poor: 579 or less
- Fair: 580-669
- Good: 670-739
- Very good: 740-799
- Exceptional: 800 or more
To qualify for a conventional loan — one that’s not backed by any government agency — you’ll usually need a fair credit score of at least 620. But it’s possible to qualify for FHA loans, which are insured by the Federal Housing Administration, with a poor credit score as low as 500.
And Veterans Administration loans, which are for veterans, active-duty service members, and their spouses, have no minimum credit score requirements. USDA loans, which help very low-income Americans buy in certain rural areas, also have no minimum credit score requirements.
Looking to lower your home insurance rate?
A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.
Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy, and the whole process can be completed entirely online.
Have a finance-related question, but don't know who to ask? 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 that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.