Still time to save: 10- and 15-year mortgage rates hold steady | July 19, 2022

• 30-year fixed-rate refinance: 5.490%, down from 5.875%, -0.385
• 20-year fixed-rate refinance: 5.125%, up from 4.990%, +0.135
• 15-year fixed-rate refinance: 4.750%, down from 4.875%, -0.125
• 10-year fixed-rate refinance: 4.875%, up from 4.500%, +0.375

Rates last updated on July 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an "excellent" Trustpilot score.

What this means: Rates for 30-year refinance terms fell more than a quarter point today, and 15-year rates also dipped. Meanwhile, rates for 20- and 10-year terms edged up. With longer terms still holding steady above 5%, homeowners looking to refinance may want to consider shorter terms for greater interest savings, ahead of future increases.

Today’s mortgage rates for home purchases

• 30-year fixed mortgage rates: 5.490%, up from 5.375%, +0.115
• 20-year fixed mortgage rates: 5.125%, up from 4.990%, +0.135
• 15-year fixed mortgage rates: 4.750%, unchanged
• 10-year fixed mortgage rates: 4.750%, unchanged

Rates last updated on July 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What this means: Mortgage rates are up today for 20- and 30-year terms, with 20-year rates edging back up over 5%. Still, 30-year rates – the most popular repayment term – remain well below their June high of 6%. Homebuyers who want the longest repayment term available, should consider locking in a rate before they rise again. And buyers who can swing a larger monthly payment stand to save the most interest with a 10- or 15-year mortgage. Rates for both repayment terms are holding steady below 5%.

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 refinance or purchase, 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.

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How Credible mortgage rates are calculated

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%.

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.

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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.