Today's best mortgage rate deal? 15-year rates hold at steady lows | Nov. 11, 2021

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Based on data compiled by Credible, mortgage rates rose since yesterday, with the exception of 15-year fixed mortgage rates, which held steady.

• 30-year fixed mortgage rates: 3.050%, up from 2.820%, +0.230
• 20-year fixed mortgage rates: 2.875%, up from 2.625%, +0.250
• 15-year fixed mortgage rates: 2.250%, unchanged
• 10-year fixed mortgage rates: 2.250%, up from 2.125%, +0.125

Rates last updated on Nov. 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Market influences are likely behind the significant changes in today’s mortgage rates, which are still relatively low when compared to pre-pandemic rates. Experts have predicted that mortgage rates will continue to rise slowly and steadily through the end of the year. Homebuyers who choose to lock in a mortgage rate today might consider a 15-year term their best bet. Rates for this repayment term have held steady at a bargain 2.250% for the past five days.

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 rose across all repayment terms since yesterday. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed-rate refinance: 3.125%, up from 2.820%, +0.305
• 20-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
• 15-year fixed-rate refinance: 2.375%, up from 2.250%, +0.125
• 10-year fixed-rate refinance: 2.250%, up from 2.125%, +0.125

Rates last updated on Nov. 11, 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 to get low mortgage rates

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

• Improving your credit score
• Paying down debt
• Making a bigger down payment

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current mortgage rates

Today’s average mortgage rate rose to 2.606%, the second-highest level it’s reached in November.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.050%. 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 2.875%. 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 2.250%. 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 up from 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. 11, 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 mixed compared to this time last week.

• 30-year fixed mortgage rates: 3.050%, up from 2.990% last week, +0.060
• 20-year fixed mortgage rates: 2.875%, up 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: 2.250%, the same as last week

Rates last updated on Nov. 11, 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.

Fixed-rate vs. adjustable-rate mortgage

With a fixed-rate mortgage, your interest rate will remain the same for the life of your loan. At the beginning of your loan, you’ll know exactly how much total interest you’ll pay. But the rate can — and usually does — change with an adjustable-rate mortgage, or ARM. This means the total interest cost of the loan will also change.

ARMs tend to have introductory interest rates that are lower than fixed rates. But when the introductory period ends, the rate can move based on market factors.

Fixed-rate loans can be good for people who know they’ll be in their homes long term. ARMs may be a good option for people who don’t expect to stay in a home long, or who are confident they’ll be able to refinance into a fixed-rate loan when the introductory rate ends.

30-year vs. other terms

The repayment term is the number of years over which you’ll pay back your mortgage. Common terms for fixed-rate mortgages are 30 (the most common), 20, 15, and 10 years.

Generally, the longer your repayment period, the higher your interest rate and total interest costs will be, but you’ll have a lower monthly payment. With shorter terms, you’ll usually get a lower interest rate and total interest costs, but a higher monthly payment.

Conforming vs. jumbo loans

Conforming loans are for amounts that fall below Fannie Mae and Freddie Mac’s established limits. Jumbo loans exceed that limit, which is $548,250 for a single-family home in 2021.

Jumbo loans are generally more difficult to get and come with higher interest rates. But if your dream house is $600,000, you’ll likely need a jumbo loan.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during homeownership, 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.