Based on data compiled by Credible, mortgage refinance rates have risen across all terms since last Thursday.
- 30-year fixed-rate refinance: 5.375%, up from 4.990%, +0.385
- 20-year fixed-rate refinance: 5.250%, up from 5.000%, +0.250
- 15-year fixed-rate refinance: 4.500%, up from 4.375%, +0.125
- 10-year fixed-rate refinance: 4.375%, up from 4.250%, +0.125
Rates last updated on April 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an "excellent" Trustpilot score.
What this means: Although refinance rates continue to edge up, homeowners looking to borrow to finance a major purchase, project or expense will still find the lowest interest costs with a cash-out refinance. Refinance rates remain significantly lower than other common financing options like personal loans and credit cards.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, mortgage rates for home purchases have risen for three key terms and remained unchanged for one term since last Thursday.
- 30-year fixed mortgage rates: 5.125%, unchanged
- 20-year fixed mortgage rates: 5.250%, up from 5.000%, +0.250
- 15-year fixed mortgage rates: 4.500%, up from 4.250%, +0.250
- 10-year fixed mortgage rates: 4.250%, up from 4.125%, +0.125
Rates last updated on April 18, 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).
What this means: Rates for longer terms, which are the most popular, are resting above 5%, so buyers may want to look to shorter terms to take advantage of interest savings. With rates for 10-year loans a full point lower than 20-year loans, borrowers who can afford higher monthly payments should comparison shop and consider shorter repayment terms to find their best possible rate.
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
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 or refinance, 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.
Are you looking to buy a home? Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Use Credible’s online tools to compare rates and get prequalified today.
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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 reported in this article 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 reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.
Factors that influence mortgage rates (and are out of your control)
Many factors influence the interest rate a lender may offer you. Some — such as your credit score — are in your control. But others you have no ability to affect, 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. When the overall cost of goods and services increases, interest rates are also likely to rise.
- The Federal Reserve — The Fed may choose to lower interest rates to stimulate a struggling economy, or raise rates in an attempt to put the brakes on inflation.
- Macro employment trends — When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates may fall. As employment increases, interest rates typically also increase.
If you’re 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 prequalified rates in just a few minutes.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at email@example.com and your question might be answered by Credible in our Money Expert column.
As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.