Today's mortgage rates continue to hover at historic lows | October 15, 2020

• 30-year fixed mortgage: 2.750%, the same as last week
• 20-year fixed mortgage: 2.750%, the same as last week
• 15-year fixed mortgage: 2.125%, down from 2.250% last week, -0.125

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Current 30-year fixed-rate mortgages

The current interest rate for a 30-year fixed-rate mortgage is 2.750%. This is the same as this time last week.

Current 20-year fixed-rate mortgages

The current interest rate for a 20-year fixed-rate mortgage is 2.750%. This is the same as this time last week.

Current 15-year fixed-rate mortgages

The current interest rate for a 15-year fixed-rate mortgage is 2.125%. This is down from this time last week.

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Mortgage rates are have stayed mostly even since yesterday:

• 30-year fixed-rate mortgages: 2.750%, Up +0.125
• 20-year fixed-rate mortgages: 2.750%, Unchanging
• 15-year fixed-rate mortgages: 2.125%, Unchanging

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Looking at mortgage refinance rates

Today’s mortgage refinancing rates are down, with the exception of 30-year fixed refinance rates. Check out what refinance rates look like:

• 30-year fixed refinance: 3.000%, the same as last week
• 20-year fixed refinance: 2.875%, down from 3.000% last week, -0.125
• 15-year fixed refinance: 2.375%, down from 2.500% last week, -0.125

Rates last updated on October 15, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Like mortgage rates overall, refinance rates continue to hover at historic lows, with 20-year fixed and 15-year fixed refinance rates down from this time last week.

The factors behind today’s mortgage rates

Current mortgage 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.

Larger economic factors

• Strength of the economy
• Inflation rates
• Employment
• Consumer spending
• Housing construction and other market conditions
• Stock and bond markets
• 10-year Treasury yields
• Federal Reserve policies

Personal economic factors

• Credit score
• Credit history
• Down payment size
• Loan-to-value ratio
• Loan size, type, and term
• Debt-to-income ratio
• Location of the property

How to get your lowest mortgage rate

If you want the best mortgage rate, 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 to 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.

Mortgage rates by loan type

• 30 Year Fixed Mortgage Rates
• 15 Year Fixed Mortgage Rates
• 30 Year Fixed Refinance Rates
• 15 Year Fixed Refinance Rates