Today's best mortgage opportunity? 20-year rates slip to 9-day low | Nov. 9, 2021

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Based on data compiled by Credible, mortgage rates are a mixed bag since yesterday, with 30-year rates rising, 20-year rates falling, and shorter terms holding steady.

• 30-year fixed mortgage rates: 3.000%, up from 2.875%, +0.125
• 20-year fixed mortgage rates: 2.625%, down from 2.750%, -0.125
• 15-year fixed mortgage rates: 2.250%, unchanged
• 10-year fixed mortgage rates: 2.125%, unchanged

Rates last updated on Nov. 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Today, 20-year mortgage rates emerge as the best opportunity for homebuyers looking to save on interest costs while securing a manageable monthly mortgage payment. Rates for this repayment term held at a money-saving 2.750% for eight days before dipping to 2.625% today. Buyers who lock in a $250,000 mortgage today at 20-year rates versus 30-year rates would have a mortgage payment that’s a few hundred dollars more, but would save more than $50,000 in interest costs over the life of the loan.

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

Today’s mortgage refinance rates are largely unchanged from yesterday, with the exception of 30-year rates, which rose slightly. The average refinance rate across all terms is just 2.500%. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed-rate refinance: 3.000%, up from 2.875%, +0.125
• 20-year fixed-rate refinance: 2.625%, unchanged
• 15-year fixed-rate refinance: 2.250%, unchanged
• 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on Nov. 9, 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.

What credit score do I need to buy a house?

The credit score you’ll need to get a mortgage will vary depending on multiple factors, including the type of mortgage you apply for. Here are the general credit score requirements for some popular mortgage products.

FHA loans

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures these loans, which are made by private lenders. It’s possible to qualify for an FHA loan with a credit score as low as 500, but you’ll need to have a down payment of at least 10%. With a credit score of 580 or higher, you’d only be required to put down 3.5%.

VA loans

The U.S. Department of Veterans Affairs guarantees a portion of these loans, which are made by private lenders and are only available to active-duty military, veterans, and their spouses. VA loans have no minimum credit score requirement. But the VA guidelines help ensure applicants will have sufficient income to afford the loan.

USDA loans

Very low-income Americans who want to buy homes in certain rural areas may be eligible for a loan from the U.S. Department of Agriculture. The USDA funds these loans, and there’s no minimum credit score requirement.

Conventional loans

A conventional loan is one that’s not backed by any government agency. To qualify for a conventional loan, you’ll typically need a credit score of at least 620 for fixed-rate loans, and 640 for adjustable-rate mortgages, according to Fannie Mae.

Current mortgage rates

Today’s average mortgage interest rate rests at 2.500% for the second consecutive day — the lowest the average has been since early October.

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 2.625%. This is down 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 2.250%. 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 2.125%. This is the same as 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 Nov. 9, 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 largely down 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: 2.625%, down from 2.750% last week, -0.125
• 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. 9, 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 do I choose a mortgage lender?

A mortgage is likely the largest debt you’ll take on in life — one that will take decades to repay. So it’s critical to make sure you choose a mortgage lender and mortgage that work best for your needs and financial situation.

Here are some tips to help you choose a mortgage lender:

1. Comparison shop. Compare rates and terms from multiple lenders. Just as you comparison shop for less important purchases, you should compare offers from several lenders. A Freddie Mac study found that adding just one quote to your mortgage search could save you $1,500 over the life of a loan. Adding five could save you about $3,000. Credible makes it easy to compare your prequalified rates from multiple lenders.
2. Consider a mortgage broker. Mortgage brokers can do the legwork for you when it comes to finding a loan deal. But be aware that mortgage brokers typically make money by charging a small percentage of the loan for their services.
3. Leverage relationships. Explore mortgage offerings from banks and financial institutions you already do business with. Loyalty and familiarity may work in your favor in negotiating a good mortgage deal.
4. Look for referrals. Ask friends, family, coworkers, and neighbors for referrals, and about their experiences with different lenders.

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.