Today's mortgage and refinance rates dip for shorter repayment terms | Dec. 27, 2021
Longer repayment terms stabilize at bargain levels for both buyers and refinancing homeowners.
Check out the new mortgage and mortgage refinance rates for Dec. 27, 2021, which fell for some terms since last week. (iStock)
Based on data compiled by Credible, homebuyers looking to lock in a mortgage rate today could find lower rates than last week for 15-year and 10-year terms.
- 30-year fixed mortgage rates: 3.190%, unchanged
- 20-year fixed mortgage rates: 2.875%, unchanged
- 15-year fixed mortgage rates: 2.250%, down from 2.375%, -0.125
- 10-year fixed mortgage rates: 2.125%, down from 2.375%, -0.250
Rates last updated on Dec. 27, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Although shorter repayment terms are less popular with buyers than longer terms, which yield lower monthly payments, buyers who can swing a larger mortgage payment could find particular bargains with a 15-year or 10-year mortgage today. Locking in one of today’s low mortgage rates during this holiday week could allow buyers to secure a low interest rate ahead of rising rates predicted for next year.
These rates are based on the assumptions shown 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 star rating of 4.7 (out of a possible 5.0).
Looking at today’s mortgage refinance rates
Today’s mortgage refinance rates also fell for shorter terms, while holding steady for 30- and 20-year repayment terms. Homeowners who lock in one of today’s low mortgage refinance rates could significantly reduce their interest costs over the life of their loan, while paying off their mortgages faster. As with mortgage rates, refinance rates are expected to continue rising in 2022. If you’re considering refinancing an existing home loan, check out what refinance rates look like:
- 30-year fixed refinance rates: 3.190%, unchanged
- 20-year fixed refinance rates: 2.875%, unchanged
- 15-year fixed refinance rates: 2.250%, down from 2.375%, -0.125
- 10-year fixed refinance rates: 2.250%, down from 2.375%, -0.125
Rates last updated on Dec. 27, 2021. These rates are based on the assumptions shown 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 prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.
Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.
How to get low mortgage rates
Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.
If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:
- Improving your credit score
- Paying down debt
- Making a bigger down payment
It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping 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 at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.
Current mortgage rates
The average mortgage interest rate for all repayment terms is just 2.610%, the lowest it’s been since Dec. 17.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 3.190%. This is the same as last week. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.
Current 20-year mortgage rates
The current interest rate for a 20-year fixed-rate mortgage is 2.875%. This is the same as last week. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in 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 2.250%. This is down from last week. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may 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 2.125%. This is down from last week. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.
You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.
Thousands of Trustpilot reviewers rate Credible "excellent."
Rates last updated on Dec. 27, 2021. These rates are based on the assumptions shown 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 average mortgage rates and mortgage refinance rates 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 will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.
How mortgage rates have changed
Today, mortgage rates are mixed compared to this time last week.
- 30-year fixed mortgage rates: 3.190%, up from 3.125% last week, +0.065
- 20-year fixed mortgage rates: 2.875%, the same as last week
- 15-year fixed mortgage rates: 2.250%, the same as last week
- 10-year fixed mortgage rates: 2.125%, down from 2.250% last week, -0.125
Rates last updated on Dec. 27, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
If you’re trying to find the right rate for your home 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 prequalified rates in just a few minutes.
With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.
How to get your lowest mortgage refinance rate
If you’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure you a lower rate. It’s also a good idea to compare rates from different lenders if you're hoping to refinance, so you can find the best rate for your situation.
Borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research from Freddie Mac.
Be sure to shop around and compare rates from multiple mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in only three minutes.
Looking to lower your home insurance rate?
A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.
Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy, and the whole process can be completed entirely online.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.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.