Today's mortgage rates slide back below 4% | Feb. 17, 2022

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Check out the mortgage rates for Feb. 17, 2022, which are largely down from yesterday. (Credible)

Based on data compiled by Credible, mortgage refinance rates were mixed since yesterday.

30-year fixed-rate refinance: 4.125%, unchanged
20-year fixed-rate refinance: 4.000%, unchanged
15-year fixed-rate refinance: 3.250%, down from 3.375%, -0.125
10-year fixed-rate refinance: 3.125%, down from 3.250%, -0.125

Rates last updated on Feb. 17, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

What this means: Rates for a 10-year fixed refinance slipped to a three-day low, while 15-year rates have been at 3.250% for three out of the past four days. Homeowners with older mortgages that they took out when 30-year rates were north of 4% may still be able to get a lower rate — even with a 30- or 20-year refinance.

Today’s mortgage rates for home purchases

Based on data compiled by Credible, mortgage rates for home purchases fell for three key rates since yesterday.

30-year fixed mortgage rates: 3.990%, down from 4.125%, -0.135
20-year fixed mortgage rates: 3.625%, down from 4.000%, -0.375
15-year fixed mortgage rates: 3.250%, unchanged
10-year fixed mortgage rates: 3.000%, down from 3.250%, -0.250

Rates last updated on Feb. 17, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What this means: Day-to-day rate fluctuations are normal, but with 30-year rates flirting with 4% since last week, buyers may want to lock in a rate today before rates climb again. Buyers who can swing a slightly higher mortgage payment should consider 15-year rates, which have rested at 3.250% for the past five days. And, with a 0.375% drop since yesterday, 20-year rates could be a standout deal for new homebuyers.

To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.

How mortgage rates have changed over time

Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. When considering a mortgage or refinance, it’s important to take into account closing costs such as appraisal, application, origination and attorney’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

Are you looking to buy a home? Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible "excellent."

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 reported in this article 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 reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.

How my credit score affects my rate

Many factors can affect the interest rate you receive on a mortgage. Your credit score is an important one.

A higher credit score indicates to lenders that you know how to use credit responsibly. It can boost their confidence that you’ll make your mortgage payments on time and won’t default. Applying for a mortgage with a high credit score could help you qualify for lower interest rates, and give you a wider array of loan types to choose from.

Conversely, a low credit score may make lenders think you’ll have difficulty managing your mortgage, and may miss payments or even go into foreclosure. A low credit score likely means you’ll qualify for higher interest rates, and your loan choices will be more limited.

If you’re trying to find the right mortgage rate, 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.

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.