Today's 15-year mortgage rates plunge to 17-day low | July 12, 2021
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Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.
Updated October 16, 2024, 2:38 AM EDT
- 30-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125
- 20-year fixed mortgage rates: 2.625%, unchanged
- 15-year fixed mortgage rates: 2.000%, down from 2.125%, -0.125
- 10-year fixed mortgage rates: 2.000%, unchanged
Rates last updated on July 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What This Means: The market continues to hold the greatest rewards for buyers who are able to finance for the shortest terms. With 10-year and 15-year mortgage rates lingering at historic lows, buyers can reap significant interest savings over the life of their mortgage if they can swing a higher monthly payment.
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
Today’s mortgage refinance rates are largely unchanged since last Friday. Only 15-year fixed refinance rates rose, jumping a full quarter percent. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed refinance rates: 2.750%, unchanged
- 20-year fixed refinance rates: 2.750%, unchanged
- 15-year fixed refinance rates: 2.250%, up from 2.000%, +0.250
- 10-year fixed refinance rates: 2.125%, unchanged
Rates last updated on July 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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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.
Current mortgage rates
Today’s mortgage interest rates are virtually unchanged from this time last month, with only 30-year fixed rates slightly higher. The average mortgage interest rate has held at 2.375% for three straight days.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 2.875%. This is up from last Friday. 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 the same as last Friday. 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 2.000%. This is down from last Friday. 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 2.000%. This is the same as last Friday. 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.
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Rates last updated on July 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
How mortgage rates have changed
Today, mortgage rates are largely down compared to this time last week.
- 30-year fixed mortgage rates: 2.875%, the same as last week
- 20-year fixed mortgage rates: 2.625%, the same as last week
- 15-year fixed mortgage rates: 2.000%, down from 2.250% last week, -0.250
- 10-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125
Rates last updated on July 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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The forecast for mortgage rates in 2021
Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.
Fannie Mae researchers anticipate mortgage rates to trend slightly higher this year, citing an ongoing rise in the 10-year Treasury yield. Ultimately, though, Fannie Mae experts believe lenders will "absorb" some of the elevated costs as "refinance demand gradually wanes" — keeping rates at relatively stable levels.
Here are the predictions for how 30-year fixed rates will look for the rest of the year:
Freddie Mac
- Q2 (April to June): 2.9%
- Q3 (July to September): 3.0%
- Q4 (October to December): 3.0%
Fannie Mae
- Q2 (April to June): 2.8%
- Q3 (July to September): 2.9%
- Q4 (October to December): 2.9%
How accurate were their predictions?
Actual average 30-year fixed rate in Q1 (January to March): 2.877%
- Freddie Mac prediction: 2.9%
- Fannie Mae prediction: 2.7%
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 lenders, so it’s wise to shop around and compare policy quotes.
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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.