Average mortgage interest rate drops to six-month low | July 20, 2021

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Take a look at mortgage rates for July 20, 2021, which have been falling since yesterday. (iStock)

Based on the data compiled by Credible, mortgage rates have fallen across all maturities since yesterday. The average mortgage rate today is just 2.281% – the lowest since January 27, 2021.

  • 30-year fixed-rate mortgage rates: 2.625%, after 2.750%, -0.125
  • 20-year fixed-rate mortgage rates: 2,500%, after 2.625%, -0.125
  • 15-year fixed-rate mortgage rates: 2,000%, after 2.125%, -0.125
  • 10-year fixed-rate mortgage rates: 2,000%, after 2.125%, -0.125

Last updated on July 20, 2021. These prices are based on the assumptions shown Here. Actual prices may vary.

What that means: With mortgage purchase rates falling across all maturities, now could be an ideal time to buy a home and save significant interest. The 30-year term, the most common term, fell to 2.726% today – its lowest level since February. Interest rates are at bargain lows across all terms, so there are also plenty of ways to finance a home purchase with a shorter term for those who want interest savings and a higher monthly payment.

To find the best mortgage rate, first use Credible, which can show you the latest mortgage and refinance rates:

Search the interest 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).

Look at today’s mortgage refinancing rates

Today’s 20-year mortgage refinancing rates hit an unprecedented low of 2.375%, down three quarters of a percentage point from yesterday. Homeowners looking to refinance shouldn’t miss the opportunity to shorten their term, keep their monthly payment manageable, and save on interest. All-term mortgage refinancing rates are a great bargain: 30-year rates are the lowest since February, and 15-year and 10-year rates are just 2,000%. If you’re considering refinancing an existing home, check out what the refinance rates look like:

  • 30-year fixed refinancing rates: 2.625%, after 2.750%, -0.125
  • 20-year fixed refinancing rates: 2.375%, after 2.750%, -0.375
  • 15-year fixed refinancing rates: 2.000%, from 2.250%, -0.250
  • 10-year fixed refinancing rates: 2,000%, unchanged

Last updated on July 20, 2021. These prices are based on the assumptions shown Here. Actual prices may vary.

A website like Credible can be of great help when you are ready to compare mortgage refinancing loans. Credible shows you pre-qualified interest rates for conventional mortgages from multiple lenders within minutes. Visit Credible today to get started.

Credible has received a rating of 4.7 stars (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified tariffs.

How to get low mortgage rates

Mortgage and refinance rates are influenced by many economic factors, such as unemployment and inflation. But your personal financial history will too Determine the prices that are offered to you.

If you want to get the lowest possible monthly mortgage payment, here are steps you can take to get a lower interest rate on your home loan:

It is also a good idea to compare the interest rates of different lenders to find the best rate for your financial goals. According to research by Freddie Mac, borrowers can save an average of $ 1,500 over the life of their loan by buying just one additional rate quote – and an average of $ 3,000 by comparing five rate quotes.

Credible can help you compare the current interest rates from multiple mortgage lenders all at once in a few minutes. Would you like to refinance an existing home? Use Credible’s online tools to compare tariffs and get prequalified today.

Current mortgage rates

While mortgage rates have been held at all-time lows throughout the year, the average mortgage rate is just 2.281% today – the lowest average since January.

Current mortgage rates over 30 years

The current interest rate on a 30-year fixed-rate mortgage is 2.625%. That’s less than yesterday. Thirty years is the most common mortgage term as 30 year mortgages typically offer a lower monthly payment. But they also tend to come with higher interest rates, which means that you will end up paying more interest over the life of the loan.

Current mortgage rates for 20 years

The current interest rate on a 20-year fixed-rate mortgage is 2,500%. That’s less than yesterday. Shortening your repayment period by as little as 10 years can mean you get a lower interest rate – and pay less overall interest over the life of the loan.

Current mortgage rates for 15 years

The current interest rate for a 15-year fixed-rate mortgage is 2,000%. That’s less than yesterday. Fifteen year mortgages are the second most common mortgage term. A 15-year mortgage can help you get a lower interest 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 on a 10-year fixed-rate mortgage is 2,000%. That’s less than yesterday. Although less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage typically offers 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 the current interest rates from various lenders offering both mortgage refinancing and home loans. Look at Credible and get prequalified today and take a look at today’s refinancing rates via the link below.

Thousands of Trustpilot reviewers rate Credible “excellent”.

Last updated on July 20, 2021. These prices are based on the assumptions shown Here. Actual prices may vary.

How mortgage rates have changed

Today two major mortgage rates are down from that time last week, while two others were unchanged.

  • 30-year fixed-rate mortgage rates: 2.625%, down from 2.875% last week, -0.250
  • 20-year fixed-rate mortgage rates: 2,500%, down from 2.625% last week, -0.125
  • 15-year fixed-rate mortgage rates: 2,000%, unchanged from last week
  • 10-year fixed-rate mortgage rates: 2,000%, unchanged from last week

Last updated on July 20, 2021. These prices are based on the assumptions shown Here. Actual prices may vary.

When trying to find the right interest rate on your mortgage or refinancing an existing home, you should use Credible. You can Use Credible’s free online tool to compare multiple lenders and see prequalified rates in minutes.

With more than 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

The forecast for mortgage rates in 2021

Researchers at Freddie Mac expect mortgage rates to rise slightly over the course of 2021, citing the Federal Reserve’s pledge to keep rates low for the foreseeable future.

Fannie Mae Researchers expect mortgage rates to rise slightly this year, citing a sustained rise in 10-year government bond yields. Ultimately, however, Fannie Mae experts believe that lenders will “absorb” some of the increased costs as “refinancing demand gradually fades” – and keep interest rates at relatively stable levels.

Here are the predictions of what 30-year fixed rates will look like for the rest of the year:

Freddie Mac

  • Q2 (April to June): 2.9%
  • Q3 (July to September): 3.0%
  • Q4 (October to December): 3.0%

Fannie Mae

  • Q2 (April to June): 2.8%
  • Q3 (July to September): 2.9%
  • Q4 (October to December): 2.9%

How accurate were their predictions?

Actual Average 30-Year Fixed Rate First Quarter (January to March): 2.877%

  • Freddie Mac Prediction: 2.9%
  • Fannie Mae forecast: 2.7%

Would you like to reduce your home contents insurance?

Home insurance can help cover unexpected costs you may incur while home ownership, such as structural damage and destruction or stolen personal property. Insurance coverage can vary widely between lenders, so it is wise to shop around and compare policy offers.

Credible has a partnership with a home insurance broker. You can compare for free Home insurance offers through Credible’s partner here. It’s quick, easy, and the whole process can be completed entirely online.

Do you have a finance-related question but don’t know who to contact? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

A credible mortgage and personal finance authority, Chris Jennings has covered topics such as mortgage loans, mortgage refinancing, and more. He has been an online editor and assistant editor for personal finance for four years. His work has been featured by MSN, AOL, Yahoo Finance, and others.


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