20-year mortgage rates hold low to save money for 12th day in a row | 21 October 2021

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Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

View mortgage rates for October 21, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have remained unchanged since yesterday.

  • Fixed mortgage rates over 30 years: 3.125%, unchanged
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • Fixed mortgage rates over 15 years: 2.375%, unchanged
  • 10-year fixed mortgage rates: 2.125%, unchanged

Rates last updated on October 21, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Daily fluctuations are common with mortgage rates regardless of the length of the term, but rates overall have gradually increased in the last quarter of 2021, as experts predicted. Overall, rates are higher today than they were around this time last month. But home buyers still have time to get a good deal on a mortgage and save on interest. For buyers who want a relatively low monthly payment and money-saving rate, 20-year terms are a good deal. Rates for this term have held at 2.750% for 12 consecutive days.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse the rates of several lenders to 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 Mortgage Refinance Rates Today

All-term mortgage refinance rates have not changed since yesterday, although mortgage experts predicted rates could rise further by the end of the year. 20-year rates continue to stand out as a bargain for homeowners looking to refinance and save on interest while keeping their monthly payment manageable. This term held firm at 2.750% for 12 consecutive days. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Refinancing at a fixed rate over 30 years: 3.125%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.750%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.375%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.375%, unchanged

Rates last updated on October 21, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be of great help when you are ready to compare mortgage refinancing loans. Credible allows you to view prequalified rates for conventional mortgages from multiple lenders within 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 customer reviews who have safely compared prequalified rates.

Factors that influence mortgage rates (and are beyond your control)

There are many factors that influence the interest rate a lender can offer you. Some, like your credit score, are in your control. But others that you don’t have the capacity to affect, like …

  • The economy – During a financial downturn, 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 rise.
  • The Federal Reserve The Fed can choose to lower interest rates to stimulate a struggling economy, or to raise rates to try to curb inflation.
  • Macroeconomic employment trends When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates can drop. As employment increases, interest rates also rise.

Current mortgage rates

Today’s average mortgage interest rate stands at 2.594% for the second day in a row and is higher than the same-hour average mortgage interest rate last week.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 3.125%. It’s the same as yesterday. Thirty years is the most common mortgage repayment term because 30-year mortgages typically 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 2.750%. It’s the same as 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 2.375%. It’s the same as yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you earn a lower rate than a 30-year term – and pay less interest over the life of the loan – while still keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10 year fixed rate mortgage is 2.125%. It’s the same as yesterday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower lifetime interest rates and charges, but a higher monthly mortgage payment.

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

Thousands of Trustpilot reviewers rate Credible “excellent”.

Rates last updated on October 21, 2021. 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 development 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 that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (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 mixed compared to the same period last week.

  • Fixed mortgage rates over 30 years: 3.125%, compared to 2.990% last week, +0.135
  • 20-year fixed mortgage rates: 2.750%, the same as last week
  • Fixed mortgage rates over 15 years: 2.375%, compared to 2.250% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, the same as last week

Rates last updated on October 21, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

These rates are based on the assumptions presented here. Actual rates may vary.

If you are trying to find the right rate for your mortgage or are 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 minutes.

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

Can I get a mortgage with bad credit?

Credit scores are a snapshot of your credit history, and they typically range from 300 to 850. FICO, a widely used credit score model, breaks down credit scores this way:

  • Bad: 579 or less
  • Fair: 580-669
  • Good: 670-739
  • Very good: 740-799
  • Exceptional: 800 or more

To qualify for a conventional loan – a loan that is not backed by any government agency – you will generally need a fair credit score of at least 620. But it is possible to qualify for FHA loans, which are insured by the Federal Housing Administration, with a bad credit score as low as 500.

And Veterans Administration loans, which are intended for veterans, active duty members, and their spouses, do not have minimum credit score requirements. USDA loans, which help very low-income Americans buy in certain rural areas, also do not have minimum credit score requirements.

Looking to lower your home insurance rate?

A home insurance policy can help you cover unforeseen costs you might incur during homeownership, 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 has a partnership with a home insurance broker. You can compare for free home insurance quote via Credible’s partner here. It’s quick, easy and the whole process can be done entirely online.

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

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.


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