Savings window opens: Today’s 30-year mortgage rates fall to 26-day lows | March 13, 2023

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See mortgage rates for 13 March 2023, which are down from last Friday. (Reliable)

Based on data compiled by Credible, mortgage rates for home purchases have declined across the board since last Friday.

Prices were last updated on March 13, 2023. These prices are based on the assumptions shown here. Actual prices 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 does this mean: Home purchase mortgage rates fell across all repayment terms over the weekend, with 30-year rates falling to their lowest levels in 26 days. Buyers who want a low interest rate and smaller monthly payment may want to lock in a 30-year mortgage today, before interest rates are likely to fluctuate. However, borrowers looking to take advantage of interest savings may want to consider 15-year rates, which are currently the lowest available at 5.75%.

To find great mortgage rates, start by using Credible’s secure 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 calculate your monthly mortgage payments.

Based on data collected by Credible, mortgage refinance rates they have fallen in all terms since last Friday.

Prices were last updated on March 13, 2023. These prices are based on the assumptions shown here. Actual prices may vary. With 5,000 reviews, Credible maintains an ‘excellent’ Trustpilot rating.

What does this mean: Mortgage refinance rates were cut across all repayment terms over the weekend, giving homeowners the chance to save on interest. Homeowners looking to refinance for a longer repayment term have the opportunity to lock in a 20-year rate below 6% today. A 20-year term offers the desired combination of a low interest rate and smaller monthly payments.

How mortgage rates have changed over time

Today’s mortgage rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic rocked economies around the world, the average interest rate for 30 year fixed mortgage rate for 2019 was 3.94%. The average for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means that homeowners who have mortgages from 2019 and older could potentially make significant interest savings by refinancing at one of today’s lowest interest rates. When considering a refinance or purchase mortgage, it’s important to consider closing costs such as appraisal, application, origination and attorney fees. These factors, in addition to the interest rate and loan amount, contribute to the cost of a mortgage.

How reliable mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investment sentiment and other factors affect the movement of mortgage interest rates. Credible’s average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by affiliated lenders who pay Credible compensation.

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

The reliable mortgage rates listed here will only give you an idea of ​​current average interest rates. The percentage you actually receive may vary depending on a number of factors.

Can I get a mortgage with bad credit?

Credit scores are a snapshot of your credit history and typically range from 300 to 850. FICO, a widely used credit scoring model, breaks down credit scores this way:

  • Poor: 579 or less
  • Exhibition: 580 to 669
  • Good: 670 to 739
  • Very well: 740 to 799
  • Exceptional: 800 or more

To qualify for a conventional loan — one not backed by any government agency — you’ll usually need a fair credit score of at least 620. But it’s possible to qualify for FHA loans, which are insured by the Federal Housing Administration. with a bad credit score of up to 500.

And Veterans Administration loans, which are for veterans, active-duty service members and their spouses, have no minimum credit score requirements. USDA loans, which help very low-income Americans buy in certain rural areas, also have no minimum credit score requirements.

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 default rates in just minutes.

Have a finance question but don’t know who to ask? Email your trusted money expert at and your question can be answered by Credible in the Money Expert column.

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