Based on data compiled by Credible’s website, mortgage rates for home purchases have remained stable for two key terms and have risen for two more since yesterday.
Rates were last updated on June 13, 2023. 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 have edged up for 20-year terms, pulling the rate up to 6.250%. Rates for 15-year terms have also risen, though rates for 15-year terms have jumped up by a quarter of a percentage point to 5.875%. Meanwhile, rates for 10- and 30-year terms have held steady at 5.625% and 6.375%, respectively. Homebuyers looking for a smaller monthly payment should consider 20-year terms over 30-year terms, as rates for 20-year terms are lower. Borrowers who would rather maximize their interest savings should instead consider today’s lowest rate, 10-year terms at 5.625%.
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 a mortgage calculator to estimate your monthly mortgage payments.
If you’re thinking about getting a mortgage, you can compare home loan lenders easily via Credible’s marketplace.
Based on data compiled by Credible, mortgage refinance rates have risen for one key term and held steady for three others since yesterday.
Rates last updated on June 13, 2023. 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 have edged up for 15-year terms, hitting 5.750%. Meanwhile, rates for 10-year terms have held steady at 5.625%, today’s lowest rate. Additionally, rates for both 20- and 30-year terms have remained unchanged at 6.375%. Borrowers interested in saving the most on interest rates should consider 10-year terms at 5.625%. Homeowners who would rather refinance into a lower monthly payment should instead consider 20- or 30-year terms.
If you’re thinking about refinancing a home loan, you can compare mortgage refinancing lenders easily via Credible’s website.
You can take the following steps to secure the lowest possible mortgage rate:
You’ll also want to compare rates from different lenders before settling on a single loan. Credible can help you do this. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.
A mortgage is likely the largest debt you’ll take on in life — one that will take decades to repay. So it’s critical to make sure you choose a mortgage lender and mortgage that work best for your needs and financial situation.
Here are some tips to help you choose a mortgage lender:
- Comparison shop. Compare rates and terms from multiple lenders. Just as you comparison shop for less important purchases, you should compare offers from several lenders. Credible’s website makes it easy to compare pre-qualified rates from multiple lenders.
- Consider a mortgage broker. Mortgage brokers can do the legwork for you when it comes to finding a loan deal. But be aware that mortgage brokers typically make money by charging a small percentage of the loan for their services.
- Leverage relationships. Explore mortgage offerings from banks and financial institutions you already do business with. Loyalty and familiarity may work in your favor in negotiating a good mortgage deal.
- Look for referrals. Ask friends, family, coworkers, and neighbors for referrals, and about their experiences with different lenders.
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.