Today's 30-year mortgage rates dip back down to near-record lows | Sept. 23, 2021
Check out the mortgage rates for Sept. 23, 2021, which are mixed from yesterday. (iStock)
Based on data compiled by Credible, one key mortgage rate fell, two others inched up, and one remained unchanged since yesterday.
- 30-year fixed mortgage rates: 2.750%, down from 2.875%, -0.125
- 20-year fixed mortgage rates: 2.500%, up from 2.375%, +0.125
- 15-year fixed mortgage rates: 2.000%, up from 1.990%, +0.010
- 10-year fixed mortgage rates: 2.000%, unchanged
Rates last updated on Sept. 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: Day-to-day mortgage rate fluctuations are common, and rates for a 30-year term are no exception. Rates for this term dipped back down to a near-record low of 2.750% today, representing a bargain for buyers who want to lock in a good rate now ahead of predicted rate increases later this year. And 10-year mortgage rates have held at near-record lows for 18 straight days.
To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:
Browse rates from multiple lenders so you can make an informed decision about your home loan.
Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
Looking at today’s mortgage refinance rates
The savings window is still open for homeowners who want to cut interest costs by refinancing their current mortgage. With rates holding firmly near record lows for most of September, homeowners can find a bargain whether they opt for a longer or shorter term. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed-rate refinance: 2.875%, unchanged
- 20-year fixed-rate refinance: 2.500%, unchanged
- 15-year fixed-rate refinance: 2.125%, unchanged
- 10-year fixed-rate refinance: 2.000%, unchanged
Rates last updated on Sept. 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.
Credible has earned a 4.7 star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.
Comparing home loan types
Home ownership is a key component of the American Dream for many people. And between the federal government and private lenders, multiple types of home loans are available to help as many people as possible achieve the dream of owning a home.
With so many options, it can be difficult to know which type of home loan may be best for your needs. Here are some comparisons to help you understand the difference between loan types.
Government-backed vs. conventional loans
Government-backed loans are either issued or insured by the federal government. These include FHA loans, VA loans, and USDA loans. Conventional loans are not issued or insured by the government.
Because the risk to private lenders is lower with government-backed loans, these loans can be easier to get, but have higher interest rates. With conventional loans, the lender assumes all the risk if a borrower defaults, so they can be more difficult to get. But if you have the credit score and income to qualify for a conventional loan, you may find you’re able to get a better interest rate.
Current mortgage rates
Average mortgage interest rates haven’t gone above 2.4% for 18 days. Today’s average mortgage interest rate is just 2.313%.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 2.750%. This is down from yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.
Current 20-year mortgage rates
The current interest rate for a 20-year fixed-rate mortgage is 2.500%. This is up from yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.
Current 15-year mortgage rates
The current interest rate for a 15-year fixed-rate mortgage is 2.000%. This is up from yesterday. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.
Current 10-year mortgage rates
The current interest rate for a 10-year fixed-rate mortgage is 2.000%. This is the same as yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.
You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.
Thousands of Trustpilot reviewers rate Credible "excellent."
Rates last updated on Sept. 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
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 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 will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.
How mortgage rates have changed
Today, mortgage rates are mostly unchanged compared to this time last week.
- 30-year fixed mortgage rates: 2.750%, the same as last week
- 20-year fixed mortgage rates: 2.500%, up from 2.375% last week, +0.125
- 15-year fixed mortgage rates: 2.000%, the same as last week
- 10-year fixed mortgage rates: 2.000%, the same as last week
Rates last updated on Sept. 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
These rates are based on the assumptions shown here. Actual rates may vary.
If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, 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.
With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.
How do I get a mortgage?
When you’re ready to buy a home, you should lock down your mortgage options before you begin house hunting. Having your financing lined up can make the process go smoother, and give you a leg up on other buyers who’ve not yet been prequalified or pre-approved for a mortgage.
Here are the general steps to getting a mortgage:
- Get a handle on your finances and credit. Add up your total monthly expenses and subtract them from your total monthly income to see how much you may be able to spend on a monthly mortgage payment. Check your credit score and report to correct any errors on your report and take action if you need to improve your credit score.
- Get pre-approved for a mortgage. Although pre-approval doesn’t guarantee the lender will give you a mortgage, it’s a strong indication you’ll be able to qualify for one when the time comes. Having a pre-approval letter can make your offer more attractive to potential sellers.
- Comparison shop. Once you’ve had an offer accepted on the house of your dreams, it’s time to compare rates from multiple mortgage lenders. Be sure to compare all the costs of a mortgage, not just the interest rate.
- Complete the full application. You’ll need to provide detailed information about your income, savings, monthly expenses, and overall financial situation.
Looking to lower your home insurance rate?
A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.
Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy, and the whole process can be completed entirely online.
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.