Today’s mortgage rates: 15-, 10-year rates stick below 5.5% | September 7, 2022
At three quarters of a point lower than longer terms, shorter-term rates give buyers the best opportunity to save
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Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.
Updated October 16, 2024, 2:52 AM EDT
- 30-year fixed-rate refinance: 6.125%, up from 5.875%, +0.250
- 20-year fixed-rate refinance: 6.000%, up from 5.750%, +0.250
- 15-year fixed-rate refinance: 5.375%, up from 5.250%, +0.125
- 10-year fixed-rate refinance: 5.375%, up from 5.250%, +0.125
Rates last updated on September 7, 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: Mortgage refinance rates soared today for longer repayment terms, with rates for 30-year terms hitting 6.125%. Rates for shorter repayment terms also edged up, but remain under the 6% mark. With today’s increases, 10- and 15-year rates offer homeowners the best opportunity for greater interest savings. Though shorter terms come with higher monthly payments, they allow homeowners to become mortgage-free sooner.
Today’s mortgage rates for home purchases
- 30-year fixed mortgage rates: 6.125%, up from 5.875%, +0.250
- 20-year fixed mortgage rates: 6.000%, up from 5.750%, +0.250
- 15-year fixed mortgage rates: 5.375%, up from 5.250%, +0.125
- 10-year fixed mortgage rates: 5.375%, up from 5.250%, +0.125
Rates last updated on September 7, 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: Homebuyers seeking greater interest savings should consider shorter terms today: Rates for 10- and 15-year terms are sitting at 5.375%, which is nearly a full point lower than rates for 30-year terms. Shorter terms do come with a higher monthly payment, but they offer the most interest savings and allow buyers to pay off their mortgages much sooner.
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.