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Look at the mortgage rates for April 29, 2022 trending down since yesterday. (credible)
Based on data compiled by Credible, since yesterday, mortgage refinancing rates have fallen for two key maturities and been flat for another.
Prices were last updated on April 29, 2022. These prices are based on the assumptions shown here. Actual prices may vary. With 5,000 reviews, Credible gets an “excellent” Trustpilot rating.
What that means: Mortgage refinancing rates fell today for 10- and 15-year maturities, with 15-year maturities falling a quarter of a point. Although 30-year maturities, which are the most popular, have remained stable today, longer maturities are whole points higher than 10- and 15-year rates. Homeowners looking to refinance can achieve greater interest savings by refinancing for a shorter term.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, since yesterday, home mortgage rates have fallen for two key terms and remained flat for two others.
Prices were last updated on April 29, 2022. These prices are based on the assumptions shown here. Actual prices may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
What that means: Mortgage rates are down two terms today, giving buyers an opportunity to save a bit on interest. Buyers looking for a longer payback period and a lower monthly payment may find their best bargains with 20-year rates that are half a point lower than 30-year rates. That half-point difference could equate to thousands of dollars in interest savings over the life of a mortgage.
To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.
How mortgage rates have changed over time
Mortgage rates today are well below the highest annual average rate recorded by Freddie Mac – 16.63% in 1981 and 3.94% in 2019. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.
The historic drop in interest rates means homeowners with mortgages dating back to 2019 and older could potentially make significant interest savings by refinancing at one of today’s lower interest rates. When considering a mortgage or refinance, it’s important to consider closing costs such as appraisal, application, origination, and attorney fees. These factors, along with the interest rate and loan amount, contribute to the cost of a mortgage.
Do you want to buy a house? With Credible, you can compare the current interest rates of multiple mortgage lenders at the same time in just a few minutes. Use Credible’s online tools to compare rates and pre-qualify today.
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How credible mortgage rates are calculated
Changing economic conditions, central bank policy decisions, investor sentiment and other factors affect the movement of mortgage rates. Credible Average Mortgage Rates and Mortgage Refinancing Rates presented in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The interest rates assume a borrower has a credit score of 740 and borrows a conventional loan on a single-family home that will be their primary residence. The rates also require no (or very little) discount points and a 20% deposit.
The credible mortgage rates reported here only give you an idea of the current average rates. The actual rate received may vary based on various factors.
Factors Affecting Mortgage Rates (And Beyond Your Control)
Many factors affect the interest rate a lender can offer you. Some – such as B. Your creditworthiness – are in your control. But others that you cannot influence, such as:
- The economy – During financial downturns, the Fed may lower interest rates to try to stimulate the economy. And when the economy is doing well, interest rates can rise.
- inflation — Interest rates tend to move with inflation. As the overall cost of goods and services increases, interest rates are likely to increase as well.
- The Federal Reserve — The Fed can cut interest rates to boost an ailing economy, or hike them to curb inflation.
- macro employment trends — When many people are out of work, as has been the case during the months of the pandemic lockdown, mortgage rates may fall. As employment increases, interest rates usually rise as well.
When trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified interest rates in just minutes.
Do you have a financial question but don’t know who to contact? Email the Credible Money Expert at [email protected] and your question may 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 mortgage lending, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for the past four years. His work has been featured by MSN, AOL, Yahoo Finance and others.