30-year mortgage rates top 4%: Seek shorter repayment terms for deals | February 11, 2022

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Check out the February 11, 2022 mortgage rates, which have been trending up since yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have risen since yesterday, with 30-year and 20-year rates above 4% for the first time since May 2019. Experts predict that 30-year mortgage rates will hit 4% in 2022, but today’s increases don’t necessarily mean rates will stay at that level all year. Daily incremental movement is common in mortgage rates, so buyers should shop around to find the best rate available and lock in a mortgage rate when they find a good deal.

  • 30-year fixed mortgage rates: 4.125%, vs 3.750%, +0.375
  • 20-year fixed mortgage rates: 4.000%, down from 3.500%, +0.500
  • 15-year fixed mortgage rates: 3.250%, down from 3.000%, +0.250
  • 10-year fixed mortgage rates: 3.250%, down from 2.990%, +0.260

Rates were last updated on February 11, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Buyers who have delayed locking in a mortgage rate can find their best way to save today in a shorter payback period. While 30- and 20-year mortgage interest rates have jumped, gains in 15- and 10-year rates have yet to push these repayment terms out of the market.

These rates are based on the assumptions indicated 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.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at today’s mortgage refinance rates

After remaining stable for two consecutive days, mortgage refinance rates jumped for all repayment terms. Yet interest rates for shorter repayment terms persist in bargain territory, close to or below pre-pandemic mortgage rates. Homeowners who want to lock in a rate today may still be able to find a deal by comparing purchases and looking for a shorter repayment term. If you’re considering refinancing an existing home, find out what refinance rates look like:

  • Refinancing at a fixed rate over 30 years: 4.125%, vs 3.750%, +0.375
  • Refinancing at a fixed rate over 20 years: 4.000%, down from 3.500%, +0.500
  • Refinancing at a fixed rate over 15 years: 3.375%, vs 3.125%, +0.250
  • Refinancing at a fixed rate over 10 years: 3.250%, down from 2.990%, +0.260

Rates were last updated on February 11, 2022. These rates are based on the assumptions presented 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 pre-qualified rates for conventional mortgages from multiple lenders in minutes. Visit Credible today to start.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 reviews from customers who have safely compared pre-qualified rates.

How to get low mortgage rates

Mortgage and refinance rates are influenced by many economic factors, such as the number of unemployed and inflation. But your personal financial history will also be determine the prices offered to you.

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

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research by Freddie Macborrowers can save an average of $1,500 over the term of their loan by looking 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 both in minutes. Looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current Mortgage Rates

The current average mortgage interest rate across all repayment terms sits at 3.656%, the highest since Credible began reporting mortgage rate data in October 2020.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 4.125%. It’s been since yesterday. Thirty years is the most common repayment term for mortgages, as 30-year mortgages usually 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 4.000%. It’s been since 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 3.250%. It’s been since yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can 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 3.250%. It’s been since yesterday. Although less common than 30 and 15 year mortgages, a 10 year fixed rate mortgage generally gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment .

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders that offer mortgage refinances as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

Rates were last updated on February 11, 2022. These rates 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 movement 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 a borrower has a credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (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.

How Mortgage Rates Have Changed

Today, mortgage rates are up from last week.

  • 30-year fixed mortgage rates: 4.125%, vs. 3.750% last week, +0.375
  • 20-year fixed mortgage rates: 4.000%, vs. 3.250% last week, +0.750
  • 15-year fixed mortgage rates: 3.250%, compared to 2.875% last week, +0.375
  • 10-year fixed mortgage rates: 3.250%, compared to 2.875% last week, +0.375

Rates were last updated on February 11, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re trying to find the right rate for your 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 pre-qualified rates in just minutes.

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

Factors That Influence Mortgage Rates (And Are Beyond Your Control)

Many factors influence the interest rate a lender can offer you. Some, like your credit score, are under your control. But others that you don’t have the ability to affect, such as:

  • The economy – During financial downturns, the Fed may lower interest rates in an attempt to stimulate the economy. And when the economy is doing well, interest rates can rise.
  • Inflation Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to increase.
  • The Federal Reserve The Fed can choose to lower interest rates to stimulate a struggling economy or raise them to try to curb inflation.
  • Macro Employment Trends When many people are out of work, as they were during the pandemic lockdown months, mortgage rates can drop. As employment increases, interest rates generally increase as well.

Want to lower your home insurance premium?

A home insurance policy can help cover unexpected costs you may incur when you own a home, 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 in partnership with a home insurance broker. If you’re looking for a better home insurance rate and are considering 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.

Do you have a financial question, but you 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 section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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