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Check out the mortgage rates for Nov. 23, 2021, which are largely unchanged from yesterday. (iStock)
Based on data compiled by Credible, mortgage rates remained largely unchanged since yesterday, except for 20-year rates, which edged up.
- 30-year fixed mortgage rates: 3.125%, unchanged
- 20-year fixed mortgage rates: 3.000%, up from 2.875%, +0.125
- 15-year fixed mortgage rates: 2.375%, unchanged
- 10-year fixed mortgage rates: 2.375%, unchanged
Rates last updated on Nov. 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Today was the second day in a row that 20-year rates inched up — a possible sign that the days of rock-bottom rates may be ending. Still, mortgage interest rates remain relatively low overall, and homebuyers who lock in one of today’s low rates stand to reap significant interest savings. Buyers who can afford a larger monthly payment may look to 15-year rates, which currently mirror 10-year rates — traditionally the lowest available.
These rates are based on the assumptions shown here. Actual rates may vary.
To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance 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
Today’s mortgage refinance rates are a mixed bag compared to yesterday. 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: 3.000%, up from 2.875%, +0.125
- 15-year fixed refinance rates: 2.500%, up from 2.375%, +0.125
- 10-year fixed refinance rates: 2.375%, unchanged
Rates last updated on Nov. 23, 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 does the Federal Reserve affect mortgage rates?
The Federal Reserve System — or "The Fed," as it’s commonly called — is the United States’ central bank. It’s tasked with taking steps to keep the economy safe, stable, and flexible. Consequently, the Fed controls the U.S. money supply and short-term interest rates, and sets the Fed funds rate, which is the rate that banks apply when borrowing from each other overnight.
But the Fed doesn’t actually set mortgage rates. Rather, multiple things the Fed does influence mortgage rates. For example, while mortgage rates don’t mirror the Fed funds rate, they do tend to follow it. If that rate rises, mortgage rates typically rise in tandem.
The Fed also buys and sells mortgage-backed securities, or MBS — a package of similar loans that a major mortgage investor buys and then resells to investors in the bond market. When the Fed buys a lot of mortgage-backed securities, it creates demand in the market, and lenders can make money even if they offer lower mortgage rates. So rates tend to be lower when the Fed is doing a lot of buying.
When the Fed buys fewer MBS, demand falls and rates will likely rise. Similarly, when the Fed raises the Fed fund rate, mortgage rates will also increase.
Current mortgage rates
Today’s average mortgage interest rate across all terms hit 2.719%, the highest it’s been since Feb. 26.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 3.125%. 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 3.000%. 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 2.375%. 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 2.375%. 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 Nov. 23, 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 unchanged compared to this time last week.
- 30-year fixed mortgage rates: 3.125%, the same as last week
- 20-year fixed mortgage rates: 3.000%, up from 2.875% last week, +0.125
- 15-year fixed mortgage rates: 2.375%, the same as last week
- 10-year fixed mortgage rates: 2.375%, the same as last week
Rates last updated on Nov. 23, 2021. 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 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.