30-year mortgage rates sit just above 3% for 7th straight day | Dec. 16, 2021


30-year mortgage rates sit just above 3% for 7th straight day | Dec. 16, 2021

Based on data compiled by Credible, mortgage rates remained unchanged since yesterday.

  • 30-year fixed mortgage rates: 3.125%, unchanged
  • 20-year fixed mortgage rates: 2.875%, unchanged
  • 15-year fixed mortgage rates: 2.375%, unchanged
  • 10-year fixed mortgage rates: 2.250%, unchanged

Rates last updated on Dec. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Resting at 3.125% since Dec. 8, 30-year mortgage interest rates have been lower just once in the past 24 days. Experts are widely predicting rate increases on the horizon, with Freddie Mac forecasting an average of 3.5% for 30-year mortgage rates in 2022. Although the holiday season isn’t traditionally prime homebuying time, buyers may want to lock in one of today’s low mortgage rates ahead of the coming increases next year. 

30-year mortgage rates sit just above 3% for 7th straight day | Dec. 16, 2021

These rates are based on the assumptions shown here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

Looking at today’s mortgage refinance rates

Despite significant volatility early in the quarter, mortgage interest rates appear to have settled for a while, remaining largely unchanged for seven straight days. Mortgage experts have widely predicted that rates will continue to rise as 2021 comes to a close and the new year begins. But homeowners still have time to save on a refinance — especially if they took out a mortgage in 2019 or before. Pre-pandemic mortgage purchase rates were higher than current refinance rates. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.125%, unchanged
  • 20-year fixed-rate refinance: 2.875%, unchanged
  • 15-year fixed-rate refinance: 2.375%, unchanged
  • 10-year fixed-rate refinance: 2.375%, unchanged

Rates last updated on Dec. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.

How does the loan term impact my mortgage?

Your loan’s term is the number of years in which you’ll make equal monthly payments of principal and interest to repay your mortgage. Generally, shorter repayment terms come with lower interest rates, and longer terms have higher interest rates. Longer terms and shorter terms both have their pros and cons. 

With a shorter repayment term you’ll:

  • Get a lower interest rate
  • Pay less interest over the life of the loan
  • Have a higher monthly payment amount

A longer repayment term will give you:

  • A lower monthly payment amount
  • A higher interest rate
  • Higher interest costs over the life of the loan

Generally, a shorter repayment term is best for people who can afford a larger monthly payment, who want to build home equity quickly, don’t plan to stay in their home for long and who are buying a house that’s well within their ability to afford.

You might choose a longer repayment term if your priority is a lower monthly payment, you know you’ll be in your home long-term or you want to increase the mortgage amount you can qualify for.

Current mortgage rates

Today’s average mortgage interest rate is sitting at 2.656% for the second day in a row, and is lower than this same time last week.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.125%. This is the same as yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed-rate mortgage is 2.875%. This is the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed-rate mortgage is 2.375%. This is the same as yesterday. Fifteen-year mortgages are the second-most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable. 

Current 10-year mortgage rates

The current interest rate for a 10-year fixed-rate mortgage is 2.250%. This is the same as yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

Thousands of Trustpilot reviewers rate Credible "excellent".

Rates last updated on Dec. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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 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 will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

Today, mortgage rates are mostly unchanged compared to this time last week.

  • 30-year fixed mortgage rates: 3.125%, the same as last week 
  • 20-year fixed mortgage rates: 2.875%, the same as last week
  • 15-year fixed mortgage rates: 2.375%, the same as last week
  • 10-year fixed mortgage rates: 2.250%, down from 2.375% last week, -0.125

Rates last updated on Dec. 16, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, 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.

With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

What’s the difference between APR and interest rate?

When you’re shopping for a mortgage or refinance loan, you’ll see the terms APR and interest rate arise often. They’re similar but not interchangeable.

The interest rate is the cost the lender will charge annually to loan you money. Annual percentage rate, or APR, encompasses the interest rate and other fees and charges attached to your loan.

Generally, APR gives you a better picture of the true cost of a loan since it takes into account all the costs associated with borrowing money. For a mortgage or refinance, those costs can include discount points, fees and other charges.

When you apply for a loan, you’ll usually be able to find the interest rate on the first page of your loan estimate, and the APR later in the document listed under "comparisons."

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during homeownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers so it’s wise to shop around and compare policy quotes.

Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy and the whole process can be completed entirely online. 

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] 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.