Today's 10-, 15-year mortgage rates hold near record lows | Oct. 5, 2021

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Based on data compiled by Credible, rates for two longer mortgage terms inched up and rates for shorter terms remained unchanged since yesterday. Despite today’s increases, rates across all terms are lower today than they were this time last week.

• 30-year fixed mortgage rates: 2.940%, up from 2.875%, +0.065
• 20-year fixed mortgage rates: 2.625%, up from 2.500%, +0.125
• 15-year fixed mortgage rates: 2.125%, unchanged
• 10-year fixed mortgage rates: 2.000%, unchanged

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

What this means: After rising last week, 10- and 15-year mortgage rates returned to near-record low territory this week, offering a bargain for buyers who want to reap significant interest savings and can manage a higher monthly payment. Rates for 30- and 20-year terms rose slightly today, but homebuyers can still save on interest with one of these longer terms. Rates for a 30-year term are hovering under 3% — but mortgage experts have predicted rate increases could soon be on the way, so homebuyers might want to act now to lock in a lower 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.

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Looking at today’s mortgage refinance rates

Rates for a 30-year mortgage refinance crept up to 2.940% today. While 30-year refinance rates remain a good deal for homeowners looking to reduce interest costs, rates for this common term may not remain under 3% for much longer. Experts have predicted rate increases toward the end of the year. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed-rate refinance: 2.940%, up from 2.875%, +0.065
• 20-year fixed-rate refinance: 2.625%, unchanged
• 15-year fixed-rate refinance: 2.125%, unchanged
• 10-year fixed-rate refinance: 2.125%, unchanged

Rates last updated on Oct. 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.

Factors that influence mortgage rates (and are in your control)

Many factors affect what mortgage interest rate you can qualify for, and some of them are within your control. Improving these factors could help you qualify for a lower interest rate. 

• Credit score — Generally, the lowest interest rates go to borrowers with the highest credit scores. Improving your credit score before you apply for a mortgage could help you secure a lower interest rate than you’d get with a lower credit score.
• Debt-to-income ratio — DTI is a percentage that compares your total debts with your income. To calculate DTI, divide your monthly gross income by the total of all your monthly minimum debt payments. A higher DTI can be a sign that you might struggle to make a mortgage payment. A lower DTI tells lenders you have more available income to put toward a mortgage payment. Generally, lenders prefer a DTI of 35% or less.
• Down payment amount — A down payment reduces the amount you have to borrow —  meaning less of the lender’s money is at risk. Generally, lenders (and many sellers) look favorably on a higher down payment amount. If you put down less than 20% of the home’s purchase price, many lenders will require you to pay for private mortgage insurance, which protects the lender (not you) if you fail to repay the mortgage.
• Home location/price — Interest rates can vary depending on what state you live in and where in the state you’re buying. Likewise, if you need to borrow a lot more than average (a jumbo loan) or very little, you may get a higher interest rate.
• Repayment term — Historically, the longer a loan’s repayment period, the higher the interest rate. The lowest rates typically come with 10- or 15-year terms, while 30-year terms usually have the highest interest rates. If you can swing the larger monthly payment that comes with a shorter term, you could snag a lower interest rate and significant interest savings over the life of the loan.

Current mortgage rates

After average mortgage interest rates spiked above 2.5% for four days last week, today’s average mortgage interest rate sits at 2.423%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.940%. 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 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 2.125%. 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 2.000%. 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.

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Rates last updated on Oct. 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 down compared to this time last week.

• 30-year fixed mortgage rates: 2.940%, down from 2.990% last week, -0.050
• 20-year fixed mortgage rates: 2.625%, down from 2.750% last week, -0.125
• 15-year fixed mortgage rates: 2.125%, down from 2.250% last week, -0.125
• 10-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125

Rates last updated on Oct. 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.

What’s the difference between APR and interest rate?

When you’re shopping for a mortgage or refinance loan, you’ll see the terms APR and interest rate arise often. They’re similar but not interchangeable.

The interest rate is the cost the lender will charge annually to loan you money. Annual percentage rate, or APR, encompasses the interest rate and other fees and charges attached to your loan.

Generally, APR gives you a better picture of the true cost of a loan since it takes into account all the costs associated with borrowing money. For a mortgage or refinance, those costs can include discount points, fees, and other charges.

When you apply for a loan, you’ll usually be able to find the interest rate on the first page of your loan estimate, and the APR later in the document listed under "comparisons."

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.

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.