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  • Savings window still open: mortgage rates linger at 3% or less | September 30, 2021

Savings window still open: mortgage rates linger at 3% or less | September 30, 2021

By on September 30, 2021 0

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

View mortgage rates as of September 30, 2021, which are unchanged from yesterday. (iStock)

According to data compiled by Credible, mortgage rates have remained stable since yesterday.

  • Fixed mortgage rates over 30 years: 3.000%, unchanged
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • Fixed mortgage rates over 15 years: 2.250%, unchanged
  • 10-year fixed mortgage rates: 2.250%, unchanged

Rates last updated on September 30, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Mortgage interest rates remain at 3% or less, giving homebuyers the opportunity to get a low rate ahead of rate hikes expected by the end of the year. A quarter-point week-over-week hike in rates for all mortgage conditions could be a sign that rates will soon be breaking their historic lows.

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).

How mortgage rates have changed

Today, mortgage rates are up from the same time last week.

  • Fixed mortgage rates over 30 years: 3.000%, compared to 2.750% last week, +0.250
  • 20-year fixed mortgage rates: 2.750%, compared to 2.500% last week, +0.250
  • Fixed mortgage rates over 15 years: 2.250%, compared to 2.000% last week, +0.250
  • 10-year fixed mortgage rates: 2.250%, compared to 2.000% last week, +0.250

Rates last updated on September 30, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

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

Looking at Mortgage Refinance Rates Today

Today’s mortgage refinance rates have remained unchanged since yesterday. The average mortgage refinancing rate, all conditions combined, is 2.563%, the highest since July 2. It has been below 2.6% since April 5. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Fixed refinancing rates over 30 years: 3.000%, unchanged
  • Fixed refinancing rates over 20 years: 2.750%, unchanged
  • Fixed refinancing rates over 15 years: 2.250%, unchanged
  • Fixed refinancing rates over 10 years: 2.250%, unchanged

Prices updated on September 30, 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 start.

Credible has received 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.

Compare types of home loans

Homeownership is a key part of the American Dream for many people. And between the federal government and private lenders, several 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 is best for your needs. Here are some comparisons to help you understand the difference between loan types.

Government Guaranteed Loans Versus Conventional Loans

Government guaranteed loans are either issued or insured by the federal government. These include FHA loans, VA loans, and USDA loans. Conventional loans are neither issued nor insured by the government.

Because the risk to private lenders is lower with government guaranteed loans, these loans may be easier to obtain 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 obtain. But if you have the credit score and the income to qualify for a conventional loan, you may find that you can get a better interest rate.

Current mortgage rates

Mortgage rates today have remained stable since yesterday, with 30-year mortgage interest rates standing at 3%. Rates briefly hit 3% last week on September 24, before falling again.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 3000%. It’s the same as yesterday. 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 yesterday. 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 2.250%. It’s the same as yesterday. 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 2.250%. It’s the same as yesterday. 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. Discover 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”.

Prices updated on September 30, 2021. These prices 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.

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 minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

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 will generally need a credit score of at least 620 for fixed rate loans and 640 for variable rate mortgages. according to Fannie Mae.

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 rate on Home Insurance and consider 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, and more.


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