Today 10 and 15 years mortgage rates hold steady

In today's blog we will discuss, 10 and 15 years mortgage rates hold steady




 Let's start today's discussion, '15 years mortgage rates hold steady'  without further delay.

 

Today 10 and 15 years mortgage rates hold steady


15 years mortgage rates hold steady

 

Based on data compiled by Credible, mortgage refinance rates have risen for three key terms and remained unchanged for one term since yesterday.

 

  • 30-year fixed-rate refinance: 5.500%, up from 5.490%, +0.010
  • 20-year fixed-rate refinance: 5.250%, unchanged
  • 15-year fixed-rate refinance: 4.750%, up from 4.625%, +0.125
  • 10-year fixed-rate refinance: 4.875%, up from 4.625%, +0.250

 

These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an "excellent" Trustpilot score.


Rates ticked up across three mortgage refinance terms today, with 10-year rates edging up significantly. Still, both 15-and 10-year mortgages have held below 5% for six straight days, and can deliver lower interest costs over the life of a loan. 


But homeowners who want a longer repayment term can still save with 30- and 20-year rates, which are l lower than rates for other home improvement financing options, like a credit card or personal loan.

 

Today’s mortgage rates for home purchases

 

Based on data compiled by Credible, mortgage rates for home purchases have risen for two key terms and remained unchanged for two other terms since yesterday.

 

  • 30-year fixed mortgage rates: 5.500%, up from 5.490%, +0.010
  • 20-year fixed mortgage rates: 5.500%, up from 5.250%, +0.250
  • 15-year fixed mortgage rates: 4.750%, unchanged
  • 10-year fixed mortgage rates: 4.625%, unchanged

 

Rates last updated on July 19, 2022. These rates are based on the assumptions shown here. Actual rates 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).

 

Mortgage rates are up today for 20- and 30-year terms, with 20-year rates rising by a quarter point. Homebuyers looking to save on interest might opt for a 10- or 15-year term, which are holding steady below 5%. Though these shorter terms come with a higher monthly payment, it can give buyers an opportunity to pay off their mortgages sooner.


 

How mortgage rates have changed over time

 

Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

 

The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. When considering a mortgage refinance or purchase, it’s important to take into account closing costs such as appraisal, application, origination and attorney’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.


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