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Today's 30-year mortgage rates nosedive to lowest level in 16 days | Dec. 2, 2021

By Chris Jennings
Published  December 2, 2021 12:07pm CST
Personal Finance
Content provided by Credible, which is majority owned by Fox Corporation. Credible is solely responsible for this content and the services it provides.

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

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Check out the mortgage rates for Dec. 2, 2021, which are trending down from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates fell for three terms and remained unchanged for one mid-length term since yesterday.

  • 30-year fixed mortgage rates: 3.000%, down from 3.125%, -0.125
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • 15-year fixed mortgage rates: 2.250%, down from 2.375%, -0.125
  • 10-year fixed mortgage rates: 2.250%, down from 2.375%, -0.125

Rates last updated on Dec. 2, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: With significant drops across three out of four terms today, homebuyers who act now can secure money-saving rates whether they finance their home purchase with a longer or shorter term. Buyers looking for a low interest rate may want to act now, as real estate experts predict rates and home prices will rise in 2022. In fact, home prices could increase between 5% to 13% next year, Jeff Taylor, managing director of Mphasis Digital Risk, recently told Fox Business.

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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

While mortgage refinancing rates remain at money-saving levels across all terms, homeowners looking to save significantly on interest might look to a 10-year term. Rates for this shorter term fell to their lowest level in 14 days, giving ample opportunity for savings to homeowners who want to pay off their mortgages faster and can manage a higher monthly mortgage payment. 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: 2.750%, unchanged
  • 15-year fixed-rate refinance: 2.375%, unchanged
  • 10-year fixed-rate refinance: 2.250%, down from 2.375%, -0.125

Rates last updated on Dec. 2, 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.

Factors that influence mortgage rates (and are out of your control)

Many factors influence the interest rate a lender may offer you. Some — such as your credit score — are in your control. But others you have no ability to affect, such as:

  • The economy — During financial downturns, the Fed may lower interest rates to try to stimulate the economy. And when the economy is doing well, interest rates can rise.
  • Inflation — Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to rise.
  • The Federal Reserve — The Fed may choose to lower interest rates to stimulate a struggling economy, or raise rates in an attempt to put the brakes on inflation.
  • Macro employment trends — When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates may fall. As employment increases, interest rates typically also increase.

Current mortgage rates

Today’s average mortgage interest rate dropped to 2.563% — the lowest it’s been in 16 days.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.000%. This is down 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 2.750%. 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 2.250%. This is down from 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.

Thousands of Trustpilot reviewers rate Credible "excellent."

Rates last updated on Dec. 2, 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 down compared to this time last week.

  • 30-year fixed mortgage rates: 3.000%, down from 3.250% last week, -0.250
  • 20-year fixed mortgage rates: 2.750%, down from 3.000% last week, -0.250
  • 15-year fixed mortgage rates: 2.250%, down from 2.500% last week, -0.250
  • 10-year fixed mortgage rates: 2.250%, down from 2.500% last week, -0.250

Rates last updated on Dec. 2, 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.