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See mortgage rates for 14 March 2023, which are down from yesterday. (Reliable)
Based on data compiled by Credible, mortgage rates for home purchases have declined across the board since yesterday.
Prices were last updated on March 14, 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: Homebuyer mortgage rates fell across all repayment terms today, giving buyers the chance to save on interest. Rates for 15-year and 30-year terms fell by more than a quarter of a percentage point, while rates for 10- and 20-year terms fell slightly. Borrowers looking for a lower monthly mortgage payment may want to look at 30-year rates, which are currently at their lowest levels since December 2022.
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 yesterday.
Prices were last updated on March 14, 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 fell across all repayment terms today, with rates on 30-year terms falling more than a quarter of a percentage point. Homeowners looking to take advantage of the maximum interest savings may want to consider 15-year rates, which are currently the lowest available at 5.375%. However, homeowners looking to refinance over the longer term may want to lock in a 20-year rate today, while rates for this longer repayment period are below 6%.
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.
How do I choose a mortgage lender?
A mortgage is likely the largest debt you will take on in your life – one that will take decades to pay off. So it’s important to make sure you choose a mortgage lender and mortgage that works 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 compare for less important purchases, you should compare offers from different lenders. ONE Freddie Mac Study found that adding just one quote to your mortgage search can save you $1,500 over the life of a loan. Adding five could save you about $3,000. Credible makes it easy to compare your default rates from multiple lenders.
- Consider a mortgage broker. Mortgage brokers can do the work for you when it comes to finding a loan deal. But be aware that mortgage brokers usually make money by charging a small percentage of the loan for their services.
- Leverage relationships. Explore mortgage offers from banks and financial institutions you already work with. Loyalty and familiarity can work in your favor in negotiating a good mortgage deal.
- Look for referrals. Ask friends, family, colleagues and neighbors for referrals and about their experiences with different lenders.
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 moneyexpert@credible.com and your question can be answered by Credible in the Money Expert column.
