42 days and counting: 10-, 15-year rates linger at near-record lows | Sept. 13, 2021
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Based on data compiled by Credible, mortgage rates remained unchanged since last Friday.
- 30-year fixed mortgage rates: 2.750%, unchanged
- 20-year fixed mortgage rates: 2.375%, unchanged
- 15-year fixed mortgage rates: 2.000%, unchanged
- 10-year fixed mortgage rates: 2.000%, unchanged
Rates last updated on Sept. 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Mortgage interest rates opened the week holding at the near-record lows they hit last Friday. Rates for 10-year and 15-year mortgages haven’t budged from their historic lows for 42 days, and the average mortgage interest rate of 2.281% hasn’t been lower since Jan. 27, 2021. Homebuyers who act now ahead of anticipated year-end rate increases can lock in a mortgage rate that could reward them with interest savings for decades to come.
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.
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Looking at today’s mortgage refinance rates
Today’s mortgage refinance rates have largely risen since last Friday, with the exception of 10-year rates, which continued to hold at just 2.000%. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed refinance rates: 2.875%, up from 2.750%, +0.125
- 20-year fixed refinance rates: 2.500%, up from 2.375%, +0.125
- 15-year fixed refinance rates: 2.125%, up from 2.000%, +0.125
- 10-year fixed refinance rates: 2.000%, unchanged
Rates last updated on Sept. 13, 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.
Types of mortgages and how they affect your rate
Mortgage interest rates can be fixed (meaning they remain the same for the life of your loan) or variable (the rate can change after an initial period). The type of mortgage you choose will affect your interest rate.
Interest rates for fixed-rate mortgages tend to be higher than the initial interest rate for adjustable rate mortgages, or ARMs. But they don’t change, so you’ll know at the beginning of your loan exactly how much interest you’ll pay over the life of your mortgage.
Initial interest rates for ARMs are typically lower than fixed-rate mortgages. But after the end of an introductory period, your interest rate will change — and it could increase significantly. Introductory periods can vary from several months to a year or a few years. After the introductory period, your interest rate will be based on an index your lender specifies. ARMs may or may not cap how much your interest rate can increase.
It’s common for homeowners with adjustable-rate mortgages to refinance into fixed-rate loans when their introductory period is about to end.
Current mortgage rates
Mortgage interest rates have held well below 3% since April 15, 2020.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 2.750%. This is the same as last Friday. 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 2.375%. This is the same as last Friday. 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 2.000%. This is the same as last Friday. 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 2.000%. This is the same as last Friday. 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 Sept. 13, 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 down compared to this time last week.
- 30-year fixed mortgage rates: 2.750%, down from 2.875% last week, -0.125
- 20-year fixed mortgage rates: 2.375%, down from 2.500% last week, -0.125
- 15-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125
- 10-year fixed mortgage rates: 2.000%, the same as last week
Rates last updated on Sept. 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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.
How much can I borrow for a mortgage?
It’s critical to have an idea of how much you can afford to borrow for a mortgage before you begin home shopping or make an offer on a house.
Generally, the 28/36 rule is a good measure of how much you can afford to borrow without strapping your finances. The rule states that your mortgage payment, including taxes and insurance, shouldn’t be more than 28% of your gross monthly income. And all your debts, including your mortgage and other monthly expenses like car and student loan payments, shouldn’t exceed 36% of your gross monthly income.
For example, if your gross monthly income is $6,250 (annual salary of $75,000), you should be able to afford a monthly payment of $1,750. And your total monthly debt load shouldn’t exceed $2,250.
A general rule of thumb is that you shouldn’t take out a mortgage that’s two to two and half times your gross annual income. So in the above scenario, the maximum you should borrow to buy a house would be $187,500.
Ultimately, lenders determine how much you can afford to borrow by weighing your income, debt, assets, credit, and other financial factors.
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.