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Check out the mortgage rates for Jan. 17, 2023, which are up from last Friday. (Credible)
Based on data compiled by Credible, mortgage rates for home purchases have risen across all terms since last Friday.
- 30-year fixed mortgage rates: 6.625%, up from 6.500%, +0.125
- 20-year fixed mortgage rates: 6.500%, up from 6.125%, +0.375
- 15-year fixed mortgage rates: 6.375%, up from 6.250%, +0.125
- 10-year fixed mortgage rates: 6.625%, up from 6.500%, +0.125
Rates last updated on Jan. 17, 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: Homebuyers seeking greater interest savings should consider a mid-length term today: Rates for 15-year terms are sitting at 6.375%, which is a quarter point lower than rates for 10- and 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.
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.
Based on data compiled by Credible, mortgage refinance rates have risen across all terms since last Friday.
- 30-year fixed-rate refinance: 6.500%, up from 6.375%, +0.125
- 20-year fixed-rate refinance: 6.125%, up from 5.875%, +0.250
- 15-year fixed-rate refinance: 6.250%, up from 6.000%, +0.250
- 10-year fixed-rate refinance: 6.500%, up from 6.250%, +0.250
Rates last updated on Jan. 17, 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 rose across all terms over the weekend, with rates for 10- and 30-year terms hitting 6.5%. Homeowners who want to refinance into a longer repayment term may want to consider 20-year rates, which are the lowest available at 6.125%. A 20-year mortgage refinance offers homeowners a desirable blend of a relatively low interest rate and a smaller monthly payment.
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.
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.
How to get low mortgage rates
If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:
It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. 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.
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 firstname.lastname@example.org and your question might be answered by Credible in our Money Expert column.