Today's mortgage rates — 30-year fixed rates take a sharper dive | October 28, 2020

• 30-year fixed-rate mortgages: 2.625%, Down from 2.750%, -0.125
• 20-year fixed-rate mortgages: 2.625%, Unchanging
• 15-year fixed-rate mortgages: 2.125%, Unchanging

Rates last updated on October 28, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Looking at today’s mortgage refinance rates

Today’s mortgage refinance rates mirror rates for fixed mortgages in general, with 30-year fixed refinance rates dropping while other rates held firm. Mortgage refinance rates, like mortgage rates overall, have tended to stay at historically low levels recently, despite some day-to-day fluctuation.

If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed-rate refinance: 2.875%, Down from 3.000%, -0.125
• 20-year fixed-rate refinance: 2.875%, Unchanging
• 15-year fixed-rate refinance: 2.375%, Unchanging

Rates last updated on October 28, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Current mortgage rates

Today’s mortgage interest rates are the lowest recorded in thirteen consecutive days.

Current 30-year fixed-rate mortgages

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

Current 20-year fixed-rate mortgages

The current interest rate for a 20-year fixed-rate mortgage is 2.625%. This is the same as yesterday.

Current 15-year fixed-rate mortgages

The current interest rate for a 15-year fixed-rate mortgage is 2.125%. This is the same as yesterday.

Rates last updated on October 28, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today, mortgage rates are down across the board compared to this time last week.

• 30-year fixed-rate mortgages: 2.625%, down from 2.750% last week, -0.125
• 20-year fixed-rate mortgages: 2.625%, down from 2.750% last week, -0.125
• 15-year fixed-rate mortgages: 2.125%, down from 2.250% last week, -0.125

Rates last updated on October 28, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

The factors behind today’s mortgage rates

Current 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.

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 type, size, and term
• Debt-to-income ratio
• Location of the property

How to get your lowest mortgage rate

If you want low mortgage rates, improving your credit score and paying down any other debt could secure you a lower rate. The size of your down payments also affects mortgage rates, with a low down payment likely to yield you a higher rate.

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.

Mortgage interest rates by loan type

Be sure to check out these loan rates, which you’ll be able to compare by annual percentage rate (APR) as well as interest rate:

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