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Based on data compiled by Credible, mortgage refinance rates have risen for three key terms and remained unchanged for one term since yesterday.
- 30-year fixed-rate refinance: 4.625%, unchanged
- 20-year fixed-rate refinance: 4.625%, up from 4.500%, +0.125
- 15-year fixed-rate refinance: 3.875%, up from 3.750%, +0.125
- 10-year fixed-rate refinance: 3.750%, up from 3.625%, +0.125
Rates last updated on March 25, 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: Despite small, day-to-day fluctuations, mortgage refinance rates for longer terms continue to climb upward of 4.6%. Rates for 30- and 20-year rates are one full percentage point higher than they were this time two months ago. But refinance rates could still appeal to homeowners who want to tap their home equity with a cash-out refinance.
Today’s mortgage rates for home purchases
Based on data compiled by Credible, mortgage rates for home purchases have risen for three terms and fallen for one term since yesterday.
- 30-year fixed mortgage rates: 4.550%, down from 4.625%, -0.075
- 20-year fixed mortgage rates: 4.625%, up from 4.500%, +0.125
- 15-year fixed mortgage rates: 3.875%, up from 3.750%, +0.125
- 10-year fixed mortgage rates: 3.750%, up from 3.625%, +0.125
Rates last updated on March 25, 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: As mortgage rates for longer terms keep climbing, shorter-term rates continue to offer the best money-saving opportunities for homebuyers who can manage a higher monthly payment. Rates for 15- and 10-year terms remain well below the 4% mark. Buyers who lock in a rate today can secure that rate for the next 30, 60, or even 90 days. Shorter terms also allow buyers to pay off their mortgages much sooner.
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.
Fixed vs. adjustable-rate mortgages: How they affect interest costs
Interest rates for fixed-rate mortgages don’t change over the life of the loan, but tend to be higher than the initial interest rate for adjustable rate mortgages, or ARMs.
Initial interest rates for ARMs are typically lower than fixed-rate mortgages. But after the end of an introductory period, your interest rate will change — and it could increase significantly. Introductory periods can vary from several months to a year or a few years. After the introductory period, your interest rate will be based on an index your lender specifies. ARMs may or may not cap how much your interest rate can increase.
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.