Today’s 15 and 10 year mortgage rates offer the best opportunity for interest savings | September 23, 2022

Our goal here at Credible Operations, Inc. , NMLS Number 1681276, referred to as “Credibility” below, is to provide you with the tools and confidence you need to improve your financial position. Although we promote products from our lender partners who compensate us for our services, all opinions are our own.

Check out the mortgage rates for September 23, 2022, which differ from yesterday’s rates. (reasonable)

Based on data collected by Credible, Mortgage Refinance Rates Uneven since yesterday, with two major rates up and two flat.

Prices were last updated on September 23, 2022. These prices are based on the assumptions shown over here. Actual rates may vary. With 5,000 reviews, Credible maintained its Trustpilot score of “excellent”.

What does this mean: 20 and 30 year mortgage refinancing rates are up today, bringing longer repayment rates closer to the 7% mark. Homeowners are saving the most on interest with 10- and 15-year interest rates, which have held steady at 5.5% for five consecutive days. Although shorter periods come with higher monthly payments, they allow homeowners to become mortgage-free sooner.

Today’s Mortgage Rates for Home Buyers

Based on data compiled by Credible, mortgage rates for home purchases have been mixed since yesterday, with two major rates up and two flat.

Prices were last updated on September 23, 2022. These prices are based on the assumptions shown over here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average star rating of 4.7 (out of 5.0 possible).

What does this mean: Homebuying rates for longer repayment periods are up today, pushing 20- and 30-year rates above the 6% mark. Homebuyers who want to provide the most benefit should consider a shorter term. 10- or 15-year mortgage rates are more than a full point lower than the longer repayment terms. Comparing rates from several lenders can help buyers find the best possible deal for their unique financial situation.

To find great mortgage rates, start with Credible’s secured website, which can show you current mortgage rates from several lenders without affecting your credit score. You can also use credibility 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 recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic hit economies around the world, the 30-year average mortgage interest rate was Flat rate 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

Historically low interest rates mean that homeowners with mortgages from 2019 and above can make significant interest savings by refinancing with one of today’s lower interest rates. When considering refinancing a mortgage or purchase, it is important to consider closing costs such as appraisal, application, incorporation fees, and attorney fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of the mortgage.

Are you looking to buy a home? Credibility can help you Compare current rates from many mortgage lenders Once in just a few minutes. Use Credible’s online tools to compare prices and get pre-qualified today.

Thousands of Trustpilot reviewers rated the reliability as “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. The reliable average mortgage rates and mortgage refinance rates mentioned in this article are calculated based on information provided by the partner lenders that payouts to Credible.

The rates assume that the borrower has a credit score of 740 and is borrowing a conventional single-family home loan that will be their primary residence. Prices also assume no discount points (or very low) and a down payment of 20%.

The credible mortgage rates reported here will only give you an idea of ​​the current average rates. The price you actually receive can vary based on a number of factors.

How do I get a mortgage?

When you’re ready to buy a home, you should close your mortgage options before you start looking for a home. Getting your own financing can make the process smoother, and give you support for other buyers who are not pre-qualified or pre-approved for a mortgage.

Here are the general steps for obtaining a mortgage:

  • Take control of your money and credit. Add your total monthly expenses and subtract them from your total monthly income to find out how much you might be able to spend on your monthly mortgage payment. Check your credit score and report to correct any errors in your report and take action if you need to improve your credit score.
  • Get pre-approved for a mortgage. Although pre-approval does not guarantee that a lender will give you a mortgage, it is a strong indication that you will be eligible for a loan when the time comes. Having a pre-approval letter can make your offer more attractive to potential sellers.
  • Shop comparison. Once you accept an offer on your dream home, it’s time to compare prices from Many mortgage lenders. Be sure to compare all mortgage costs, not just the interest rate.
  • Complete the application completely. You will need to provide detailed information about your income, savings, monthly expenses, and general financial situation.

If you are trying to find the right mortgage rate, consider using credibility. Could you Use our free online Credible tool Easily compare multiple lenders and see pre-qualified rates in just a few minutes.

Have a question related to financing, but don’t know who to ask? Email your trusted money expert at And your question may be answered by Credible in the Money Expert column.

As a credible authority in the field of mortgage and personal finance, Chris Jennings has covered topics including mortgage loans, mortgage refinancing and more. He has been an editor and co-editor in the online personal finance industry for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

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