Personal Finance
Published

Today's mortgage rates: 30-year rates hold below 4% for third straight day | Feb. 22, 2022

Homebuyers still have time to lock in a relatively low rate ahead of further increases.

By Credible
Content provided by Credible, which is majority owned by Fox Corporation. Credible is solely responsible for this content and the services it provides.
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 do promote products from our partner lenders, all opinions are our own.

Check out the mortgage rates for Feb. 22, 2022, which are largely unchanged from last Friday. (Credible)

Based on data compiled by Credible, mortgage refinance rates have remained unchanged for three terms and risen for one mid-length term since last Friday.

Rates last updated on Feb. 22, 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: Homeowners looking to refinance have multiple money-saving opportunities today. Rates for a 30-year refinance, which is the most popular term, have fallen back below 4%. Homeowners who can swing a higher monthly payment might opt for a 10-year term to realize even more interest savings: Rates for this term are sitting at 3%. 

Today’s mortgage rates for home purchases

Based on data compiled by Credible, mortgage rates for home purchases have remained mostly unchanged since last Friday, except for 20-year rates, which edged up.

Rates last updated on Feb. 22, 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: With mortgage rates already hitting — or surpassing — 4% several times this month, homebuyers might want to take advantage of the opportunity for interest savings while rates are lower. Rates for a 30-year term have held below 4% for three straight days. Locking in a rate today will ensure that buyers can get a lower rate for 30, 60, or even 90 days.

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.

What is a good mortgage rate? 

Generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more. 

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

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.