Today's 30-year mortgage rates climb to 3% for first time in 69 days | Sept. 24, 2021

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Check out the mortgage rates for Sept. 24, 2021, which are up from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have risen across all terms since yesterday.

  • 30-year fixed mortgage rates: 3.000%, up from 2.750%, +0.250
  • 20-year fixed mortgage rates: 2.625%, up from 2.500%, +0.125
  • 15-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125
  • 10-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

Rates last updated on Sept. 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Today’s 30-year mortgage rates ended a 69-day run under 3%, and rates also rose across all other terms. It’s too soon to say whether rates will continue to trend upward, but both Fannie Mae and Freddie Mac predict rates will increase in the fourth quarter of 2021. However, average mortgage interest rates have held below 2.5% for 51 days, so homebuyers still have time to lock in their rate now and save on interest ahead of predicted rate increases.

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.

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Looking at today’s mortgage refinance rates

Mortgage refinance rates crept up for three out of four terms since yesterday, though refinance rates overall continue lingering at or near record lows. Rates for a 15-year term close out the week as the best bargain — homeowners who can manage a higher monthly payment can refinance into this shorter term and reap significant interest savings. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 2.990%, up from 2.875%, +0.115
  • 20-year fixed-rate refinance: 2.750%, up from 2.500%, +0.250
  • 15-year fixed-rate refinance: 2.125%, unchanged
  • 10-year fixed-rate refinance: 2.125%, up from 2.000%, +0.125

Rates last updated on Sept. 24, 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.

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.

Current mortgage rates

Today’s average mortgage interest rate jumped to 2.469% today — the highest it’s been in 25 days. But average rates overall continue hovering in historic-low territory. 

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.000%. This is up from yesterday. 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 2.625%. This is up from yesterday. 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 2.125%. This is up from yesterday. 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 up from yesterday. 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.

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Rates last updated on Sept. 24, 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 up compared to this time last week.

  • 30-year fixed mortgage rates: 3.000%, up from 2.750% last week, +0.250
  • 20-year fixed mortgage rates: 2.625%, up from 2.500% last week, +0.125
  • 15-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125

Rates last updated on Sept. 24, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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 does the Federal Reserve affect mortgage rates?

The Federal Reserve System — or "The Fed," as it’s commonly called — is the United States’ central bank. It’s tasked with taking steps to keep the economy safe, stable, and flexible. Consequently, the Fed controls the U.S. money supply and short-term interest rates, and sets the Fed funds rate, which is the rate that banks apply when borrowing from each other overnight. 

But the Fed doesn’t actually set mortgage rates. Rather, multiple things the Fed does influence mortgage rates. For example, while mortgage rates don’t mirror the Fed funds rate, they do tend to follow it. If that rate rises, mortgage rates typically rise in tandem.

The Fed also buys and sells mortgage-backed securities, or MBS — a package of similar loans that a major mortgage investor buys and then resells to investors in the bond market. When the Fed buys a lot of mortgage-backed securities, it creates demand in the market, and lenders can make money even if they offer lower mortgage rates. So rates tend to be lower when the Fed is doing a lot of buying.

When the Fed buys fewer MBS, demand falls and rates will likely rise. Similarly, when the Fed raises the Fed fund rate, mortgage rates will also increase.

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 is partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — 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.