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Check out the mortgage rates for October 18, 2021, which is a mix from last Friday. (iStock)

Based on data compiled by Credible, mortgage rates have fallen for both longest and shortest terms, remained stable for 20-year terms, and increased for 15-year terms since last Friday.

  • Fixed mortgage rates over 30 years: 2.990%, against 3.000%, -0.010
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • Fixed mortgage rates over 15 years: 2.375%, compared to 2.250%, +0.125
  • 10-year fixed mortgage rates: 2.125%, vs. 2.250%, -0.125

Rates last updated on October 18, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Mortgage experts predicted rate hikes towards the end of the year, but 30-year mortgage rates fell below 3% today, meaning homebuyers still have time to lock in a lower rate and save on interest. Homebuyers who can handle a higher monthly payment could see even more interest savings by choosing a 10-year term – rates for that term have fallen to 2.125% today. Meanwhile, 20-year rates were unchanged for nine straight days and 15-year rates jumped to 2.375%.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse the rates of several lenders to make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at Mortgage Refinance Rates Today

30-year mortgage refinance rates have opened the week below 3%, meaning there is still time for homeowners to strike a deal by setting a lower rate ahead of planned rate increases. Meanwhile, 20-year rates have held steady at 2.750% for nine consecutive days. And rates for 15- and 10-year terms, which are typically lower than longer terms, jumped to 2.375%. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Refinancing at a fixed rate over 30 years: 2.990%, against 3.000%, -0.010
  • Refinancing at a fixed rate over 20 years: 2.750%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.375%, compared to 2.250%, +0.125
  • Refinancing at a fixed rate over 10 years: 2.375%, compared to 2.125%, +0.250

Prices updated on October 18, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be of great help when you are ready to compare mortgage refinancing loans. Credible allows you to view prequalified rates for conventional mortgages from multiple lenders within minutes. Visit Credible today to get started.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 customer reviews who have safely compared prequalified rates.

What credit score do I need to buy a home?

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

FHA loans

The Federal Housing Administration, part of the US Department of Housing and Urban Development, insures these loans, which are made by private lenders. It is possible to qualify for an FHA loan with a credit score as low as 500, but you will need a down payment of at least 10%. With a credit score of 580 or higher, you would only have to deposit 3.5%.

VA loans

The US Department of Veterans Affairs guarantees a portion of these loans, which are made by private lenders and are only available to active duty military personnel, veterans and their spouses. VA loans do not have a minimum credit score requirement. But the VA guidelines help ensure that applicants will have sufficient income to pay off the loan.

USDA loans

Very low-income Americans who wish to purchase homes in certain rural areas may be eligible for a loan from the United States Department of Agriculture. The USDA funds these loans, and there is no minimum credit score requirement.

Conventional loans

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

Current mortgage rates

Today’s average mortgage interest rate is 2.560%, which is just below the average interest rate from last week at the same time.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 2.990%. This is down from last Friday. Thirty years is the most common mortgage repayment term because 30-year mortgages typically give you a lower monthly payment. But they also usually come with higher interest rates, which means you’ll end up paying more 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%. It’s the same as last Friday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less 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 2.375%. This is up from last Friday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you earn a lower rate than a 30-year term and pay less interest over the life of the loan, while still 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 last Friday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower lifetime interest rates and charges, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare the current rates of various lenders who offer mortgage refinances as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible “excellent”.

Rates last updated on October 18, 2021. These rates are based on the assumptions presented 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 development of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

How mortgage rates have changed

Today, mortgage rates are mixed compared to the same period last week.

  • Fixed mortgage rates over 30 years: 2.990%, compared to 3.125% last week, -0.135
  • 20-year fixed mortgage rates: 2.750%, the same as last week
  • Fixed mortgage rates over 15 years: 2.375%, compared to 2.250% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, the same as last week

Prices updated on October 18, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

These rates are based on the assumptions presented here. Actual rates may vary.

If you are trying to find the right rate for your mortgage or are 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 over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

What is the difference between the APR and the interest rate?

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

The interest rate is the cost that the lender will charge each year to lend you money. The annual percentage rate, or APR, covers the interest rate and other fees and charges associated with your loan.

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

When you apply for a loan, you will 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 you cover unforeseen costs you might incur during homeownership, such as structural damage and destruction or theft of personal property. Coverage can vary widely from insurer to insurer, so it’s wise to shop around and compare policy quotes.

Credible is a partner of a home insurance broker. If you are looking for a better home insurance rate and are considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy, and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.


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