Based on data compiled by Credible’s website, mortgage rates for home purchases have remained unchanged for two key terms and risen for two others since yesterday.
- 30-year fixed mortgage rates: 7.500%, up from 7.375%, +0.125
- 20-year fixed mortgage rates: 8.000%, unchanged
- 15-year fixed mortgage rates: 7.125%, unchanged
- 10-year fixed mortgage rates: 6.125%, up from 5.625%, +0.500
Rates last updated on June 28, 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: Mortgage rates for 10-year terms have broken their weeklong pattern of holding at 5.625% by jumping up by a half of a percentage point to 6.125%. Rates for 30-year terms have also increased, edging up to 7.5%. Meanwhile, rates for 15- and 20-year terms have remained unchanged at 7.125% and 8%, respectively. Homebuyers who would rather have a smaller monthly payment should consider 30-year terms, as they have the lowest rate out of the two longer terms. Borrowers looking to maximize their interest savings should consider 10-year terms, as they have today’s lowest rate.
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 a mortgage calculator to estimate your monthly mortgage payments.
If you’re thinking about getting a mortgage, you can compare home loan lenders easily via Credible’s marketplace.
Based on data compiled by Credible, mortgage refinance rates have remained unchanged across all key terms since yesterday.
- 30-year fixed-rate refinance: 6.490%, unchanged
- 20-year fixed-rate refinance: 6.375%, unchanged
- 15-year fixed-rate refinance: 5.875%, unchanged
- 10-year fixed-rate refinance: 5.625%, unchanged
Rates last updated on June 28, 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 have remained unchanged across all key terms. Rates for 30-year terms have remained today’s highest rate at 6.49%. Inversely, rates for 10-year terms have remained the day’s lowest rate at 5.625%. Additionally, rates for 15- and 20-year terms have held steady at 5.875% and 6.375%, respectively. Borrowers looking to save the most on interest should consider 10-year terms. Homeowners who would rather have a lower monthly payment should instead consider 20-year terms over 30-year terms, as 20-year terms have a lower interest rate.
If you’re thinking about refinancing a home loan, you can compare mortgage refinancing lenders easily via Credible’s website.
How to get low mortgage rates
You can take the following steps to secure the lowest possible mortgage rate:
- Improve your credit score: Aim for a score in the 700s or higher.
- Eliminate your debt: Focus on tackling debt to lower your debt-to-income (DTI) ratio. A lower DTI ratio increases your chances of receiving a low mortgage rate and loan approval.
- Make a larger down payment: Putting more money down lowers the lender’s risk, and you may receive a more favorable rate as a result.
You’ll also want to compare rates from different lenders before settling on a single loan. Credible can help you do this. 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.
How do I choose a mortgage lender?
A mortgage is likely the largest debt you’ll take on in life — one that will take decades to repay. So it’s critical to make sure you choose a mortgage lender and mortgage that work 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 comparison shop for less important purchases, you should compare offers from several lenders. Credible’s website makes it easy to compare pre-qualified rates from multiple lenders.
- Consider a mortgage broker. Mortgage brokers can do the legwork for you when it comes to finding a loan deal. But be aware that mortgage brokers typically make money by charging a small percentage of the loan for their services.
- Leverage relationships. Explore mortgage offerings from banks and financial institutions you already do business with. Loyalty and familiarity may work in your favor in negotiating a good mortgage deal.
- Look for referrals. Ask friends, family, coworkers, and neighbors for referrals, and about their experiences with different lenders.
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.