30-year rates edge up for new mortgages and refinances | Dec. 30, 2021

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Based on data compiled by Credible, mortgage rates were mixed since yesterday, with only 15-year fixed rates holding steady.

• 30-year fixed mortgage rates: 3.250%, up from 3.190%, +0.060
• 20-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125
• 15-year fixed mortgage rates: 2.375%, unchanged
• 10-year fixed mortgage rates: 2.250%, down from 2.375%, -0.125

Rates last updated on Dec. 30, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Average interest rates for new mortgages were erratic today, with three rates moving and one holding steady. The incremental increases in 30-year and 20-year average rates could encourage homebuyers who want to lock in a rate in the final days of the year to look to shorter repayment terms for a better deal. And 10-year rates, which are historically the lowest available, may be the best option for buyers who can afford a larger monthly mortgage payment.

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:

• Check out mortgage refinance rates
• Compare home purchase 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 remained largely unchanged since yesterday, with the exception of 30-year rates, which mirrored the bump in purchase rates. Refinance rates have been fairly stable all week, extending homeowners’ opportunities to lock in a money-saving refinance rate ahead of predicted increases in 2022. Today’s refinance rates may be a particularly good deal for homeowners whose original mortgages pre-date the pandemic. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed refinance rates: 3.250%, up from 3.190%, +0.060
• 20-year fixed refinance rates: 2.875%, unchanged
• 15-year fixed refinance rates: 2.375%, unchanged
• 10-year fixed refinance rates: 2.250%, unchanged

Rates last updated on Dec. 30, 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.

How my credit score affects my rate

Many factors can affect the interest rate you receive on a mortgage. Your credit score is an important one.

A higher credit score indicates to lenders that you know how to use credit responsibly. It can boost their confidence that you’ll make your mortgage payments on time and won’t default. Applying for a mortgage with a high credit score could help you qualify for lower interest rates, and give you a wider array of loan types to choose from.

Conversely, a low credit score may make lenders think you’ll have difficulty managing your mortgage, and may miss payments or even go into foreclosure. A low credit score likely means you’ll qualify for higher interest rates, and your loan choices will be more limited.

Current mortgage rates

The average rate for new mortgages across all repayment terms is 2.688%, up from yesterday, but still lower than the high for December, which was 2.719% on the 22nd.  

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.250%. This is up from 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 up from 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 2.250%. This is down from 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 Dec. 30, 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 mixed compared to this time last week.

• 30-year fixed mortgage rates: 3.250%, up from 3.190% last week, +0.060
• 20-year fixed mortgage rates: 2.875%, the same as last week
• 15-year fixed mortgage rates: 2.375%, the same as last week
• 10-year fixed mortgage rates: 2.250%, down from 2.375% last week, -0.125

Rates last updated on Dec. 30, 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.

What is the average cost of a refinance?

Refinancing a mortgage can yield significant interest savings over the life of a loan. But all those savings don’t come for free. Generally, you’ll encounter costs — $5,000 on average, according to Freddie Mac — when refinancing your mortgage.

Your exact refinancing costs will depend on multiple factors, including the size of your loan and where you live. Typical refinancing costs include:

• The cost of recording your new mortgage
• Appraisal fees
• Attorney fees
• Lender fees, such as origination or underwriting
• Title service fees
• Credit report fees
• Mortgage points
• Prepaid interest charges

Keep in mind there’s no such thing as a truly no-cost refinance. Lenders who market "no-cost loans" typically charge a higher interest rate and roll the costs into the loan — which means you’ll pay more interest over the life of the loan.

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 is partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — 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.