Still-low interest rates: Today may be the day to lock in your mortgage rate | Nov. 5, 2021

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Based on data compiled by Credible, mortgage rates rose for the longest term and fell for the two shortest terms since yesterday. And 20-year rates remained unchanged for the seventh straight day.

• 30-year fixed mortgage rates: 3.000%, up from 2.990%, +0.010
• 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: 2.125%, down from 2.250%, -0.125

Rates last updated on Nov. 5, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Although home prices are still up from last year, at least one real estate expert predicts prices might decline a bit in the final months of 2021. Danielle Hale, Chief Economist for Realtor.com, recently told Fox Business that "we’re likely to see some declines in the median listing price as we typically do toward the end of the year …"

With experts also predicting that mortgage rates will continue to rise, now might be the best time for homebuyers to lock in a money-saving interest rate.

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.

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

Refinance rates have taken homeowners on a roller coaster ride this week, jumping up and then falling back down each day. Rates closed the week by falling again, meaning homeowners who lock in their rate today can find a bargain 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: 3.000%, down from 3.125%, -0.125
• 20-year fixed-rate refinance: 2.750%, unchanged
• 15-year fixed-rate refinance: 2.250%, down from 2.375%, -0.125
• 10-year fixed-rate refinance: 2.125%, down from 2.250%, -0.125

Rates last updated on Nov. 5, 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

Average mortgage rates only rose above the 2.6% mark one time this week. Today’s average mortgage interest rate is 2.531%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.000%. 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 2.750%. 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 2.125%. 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 Nov. 5, 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 a mixed bag compared to this time last week.

• 30-year fixed mortgage rates: 3.000%, up from 2.990% last week, +0.010
• 20-year fixed mortgage rates: 2.750%, the same as last week
• 15-year fixed mortgage rates: 2.250%, down from 2.375% last week, -0.125
• 10-year fixed mortgage rates: 2.125%, down from 2.375% last week, -0.250

Rates last updated on Nov. 5, 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.

Fixed vs. adjustable-rate mortgages: How they affect interest costs

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.

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.