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The mortgage rates for July 15, 2022, are higher than yesterday. (Credible)

Credible data shows that mortgage rates have increased across all terms from yesterday.

• 30-year fixed rate refinance: 5.625%
• 20 year fixed-rate refinance HTML5_ HTML5_ HTML5_ HTML6_ HTML7_ HTML8_ HTML5_ HTML5_ HTML5_ HTML5_ HTML125%, +0.125
• 15 year fixed-rate refinance 4.875% – up from 4.750% +0.125
• 10-year fixed-rate refinance 4.750% up from 4.625%. +0.125

Rates were last updated on July 15, 2022. These rates are based upon the assumptions made here. Actual rates could vary. Credible has an “excellent” Trustpilot score thanks to 5,000 reviews.

This means: Today, all terms saw a slight increase in mortgage refinance rates. The 10-year rate for refinancing is currently lower than the rates for all other terms and almost a full percentage point less than the 30-year term. Refinance homeowners may prefer 15-year terms because they offer the best chance for a lower interest rate as well as a manageable monthly payment.

Current mortgage rates for home purchase

Credible data shows that mortgage rates for home purchases have increased across all terms from yesterday, according to Credible.

• 30-year fixed rates HTML5_ 5.625%
• 20 year fixed mortgage rates HTML4_ HTML5_ : 5.875% up from 5.500%. +0.375
• 15-year fixed mortgage rates 4.875% up from 4.750% +0.125
• 10-year fixed mortgage rates – 4.875% up from 4.750%

Rates were last updated on July 15, 2022. These rates are based upon the assumptions made here. Actual rates could vary. The Trustpilot ratings for Credible, a personal finance marketplace have reached over 5,000 reviews. Their average star rating is 4.7 out of a possible maximum of 5.0 em>

This means: Today, rates for 20-year mortgages soared past 30-year rates. Rates for 10-year and 15-year loans are more than a full percent lower than those for 20-year loans. Borrowers who can afford higher monthly payments and want to get the best rate should compare and choose shorter repayment terms. Buyers who desire a longer repayment period and 20-year rates are better than 30-year rates should choose a 30-year mortgage.

Credible’s secured website can help you find the best mortgage rates. It will show you the current rates of multiple lenders and not affect your credit score. To estimate your monthly mortgage payments, Credible also offers mortgage calculations.

How have mortgage rates changed over time

Today’s mortgage interest rate is well below the 16.63% average annual rate that Freddie Mac recorded in 1981. The average interest rate on a 30-year fixed-rate mortgage was 3.9% in 2019, a year before the COVID-19 epidemic that decimated economies around the globe. The average interest rate for 2021 was 2.9%, which is the lowest annual average over 30 years.

Homeowners with mortgages in 2019 or older can potentially save significant interest by refinancing at one of today’s low-interest rates. It is important to consider closing costs when considering a mortgage purchase or refinance. These include appraisals, application, origination, and attorney’s fees. These costs, along with the interest rate and loan amount, contribute to the mortgage cost.

Are you thinking of buying a house? Credible will help you quickly compare rates from multiple lenders all at once. Credible’s online tools allow you to quickly compare rates and be prequalified.

Trustpilot reviews have rated Credible as “excellent” by thousands of users. “

How to calculate credible mortgage rates

The movement of mortgage rates can be affected by economic conditions, central bank policy changes, investor sentiment, and other factors. The Credible average mortgage rate and mortgage refinance rate reported in this article are based on information from partner lenders who receive compensation from Credible.

Rates assume that a borrower has a credit score of 740 and is applying for a conventional loan to purchase a home as their primary residence. Rates also assume that there are no discount points (or very few) and that 20% of the down payment is required.

These are only estimates of the current average mortgage rates. Rates can vary depending on many factors.

How can I get a mortgage?

Before you start house hunting, make sure you have secured your mortgage options. Your financing arrangements can make the whole process easier and help you stand out from other buyers who have not been prequalified.

These are the steps that you need to take in order to get a mortgage.

• Take control of your finances and credit. Add your monthly expenses to your monthly income to determine how much you can spend on a monthly mortgage loan payment. You can check your credit report and correct any errors. If you need to improve it, take action.
• Pre-approve your mortgage application. Pre-approval does not guarantee that the lender will grant you a mortgage. However, it is a strong indicator that you are likely to be approved for one. A pre-approval letter can help you make your offer more appealing to potential buyers.
• Compare rates. After you have accepted an offer on the house of dreams, compare rates from different mortgage lenders. Compare all costs involved in a mortgage.
• Complete the entire application. Provide detailed information about your income and savings as well as monthly expenses.

Credible is a great resource for finding the best mortgage rate. Use Credible’s online tool to quickly compare different lenders and view prequalified rates within a matter of minutes.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Chris Jennings is a Credible expert on personal finance and mortgages. He has written about topics such as mortgage refinancing and mortgage loans. Since 2004, he has been an editor and assistant to the editorial team in the online personal finances space. His work has been featured on MSN, AOL and Yahoo Finance, among others.