Still time to save: Today's mortgage rates hold at healthy lows | Nov. 12, 2021

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Based on data compiled by Credible, mortgage rates remained unchanged since yesterday.

• 30-year fixed mortgage rates: 3.050%, unchanged
• 20-year fixed mortgage rates: 2.875%, unchanged
• 15-year fixed mortgage rates: 2.250%, unchanged
• 10-year fixed mortgage rates: 2.250%, unchanged

Rates last updated on Nov. 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage rates had an energetic week, with 30-year mortgage rates — the most common repayment term — fluctuating almost daily. Still, rates remain comparatively low. With mortgage experts predicting slow but steady increases through the end of the year, today might be a good day for homebuyers looking to lock in a money-saving interest rate. Fifteen-year rates, which haven’t moved all week, may be particularly appealing to buyers who can afford a higher monthly payment in exchange for greater long-term interest savings.

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 remained unchanged since yesterday. The average mortgage refinance rate across all repayment terms sits at 2.656%. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed refinance rates: 3.125%, unchanged
• 20-year fixed refinance rates: 2.875%, unchanged
• 15-year fixed refinance rates: 2.375%, unchanged
• 10-year fixed refinance rates: 2.250%, unchanged

Rates last updated on Nov. 12, 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.

How do I get a mortgage?

When you’re ready to buy a home, you should lock down your mortgage options before you begin house hunting. Having your financing lined up can make the process go smoother, and give you a leg up on other buyers who’ve not yet been prequalified or pre-approved for a mortgage.

Here are the general steps to getting a mortgage:

• Get a handle on your finances and credit. Add up your total monthly expenses and subtract them from your total monthly income to see how much you may be able to spend on a monthly mortgage payment. Check your credit score and report to correct any errors on your report and take action if you need to improve your credit score.
• Get pre-approved for a mortgage. Although pre-approval doesn’t guarantee the lender will give you a mortgage, it’s a strong indication you’ll be able to qualify for one when the time comes. Having a pre-approval letter can make your offer more attractive to potential sellers.
• Comparison shop. Once you’ve had an offer accepted on the house of your dreams, it’s time to compare rates from multiple mortgage lenders. Be sure to compare all the costs of a mortgage, not just the interest rate.
• Complete the full application. You’ll need to provide detailed information about your income, savings, monthly expenses, and overall financial situation.

Current mortgage rates

Today’s average mortgage rate across all terms is 2.606%, which is 0.043% higher than this time last month.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.050%. This is the same as 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 2.875%. 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 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 2.250%. 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. 12, 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 mostly up compared to this time last week.

• 30-year fixed mortgage rates: 3.050%, up from 3.000% last week, +0.050
• 20-year fixed mortgage rates: 2.875%, up from 2.750% last week, +0.125
• 15-year fixed mortgage rates: 2.250%, the same as last week
• 10-year fixed mortgage rates: 2.250%, up from 2.125% last week, +0.125

Rates last updated on Nov. 12, 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 does the loan term impact my mortgage?

Your loan’s term is the number of years in which you’ll make equal monthly payments of principal and interest to repay your mortgage. Generally, shorter repayment terms come with lower interest rates, and longer terms have higher interest rates. Longer terms and shorter terms both have their pros and cons.

With a shorter repayment term you’ll …

• Get a lower interest rate
• Pay less interest over the life of the loan
• Have a higher monthly payment amount

A longer repayment term will give you …

• A lower monthly payment amount
• A higher interest rate
• Higher interest costs over the life of the loan

Generally, a shorter repayment term is best for people who can afford a larger monthly payment, who want to build home equity quickly, don’t plan to stay in their home for long, and who are buying a house that’s well within their ability to afford.

You might choose a longer repayment term if your priority is a lower monthly payment, you know you’ll be in your home long-term, or you want to increase the mortgage amount you can qualify for.

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.