Today’s best mortgage deal? 20-year rates are the lowest available at 6% | Nov. 16, 2022

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See mortgage rates for Nov. 16, 2022, which was mixed from yesterday. (Compelling)

Based on data compiled by Credible, mortgage rates for home buyers are mixed today, with two key rates falling, one rising, and one remaining steady since yesterday.

Fees were last updated on Nov. 16, 2022. These rates are based on the indicated assumptions HERE. Actual charges may vary. Credible, a personal finance marketplace, has 5,000+ reviews on Trustpilot with an average star rating of 4.7 (out of a possible 5.0).

What this means: Rates on a 20-year mortgage fell by nearly half a point since yesterday, while rates for 30-year terms rose by a quarter point. Buyers looking for a longer repayment term stand to see greater interest savings with 20-year rates, which are currently the lowest available at 6%. The rates for this term offer the combination of a low interest rate and manageable monthly payments.

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 Credible’s mortgage calculator to estimate your monthly loan payments.

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Based on data compiled by Credible, mortgage refinance rates mixed today, with two key rates falling, one rising, and one remaining steady since yesterday.

Fees were last updated on Nov. 16, 2022. These rates are based on the indicated assumptions HERE. Actual charges may vary. With 5,000 reviews, Credible maintains an “excellent” score on Trustpilot.

What this means: Twenty-year mortgage refinance rates have fallen significantly since yesterday, offering a small savings window for homeowners looking to save on interest. Meanwhile, 15-year rates also fell, and 30-year rates rose a quarter point. Homeowners who want to refinance for a longer term may want to lock in a 20-year rate now, ahead of a likely increase.

How mortgage rates change over time

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

Historic low interest rates mean that homeowners with mortgages from 2019 and older can realize significant interest savings by refinancing to one of the lowest current interest rate. When considering a refinance or mortgage purchase, it’s important to consider closing costs such as appraisals, applications, originations and attorney fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

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Are you looking to buy a home? Credibility will help you compare current rates from multiple lenders together in just a few minutes. Use Credible’s online tools to compare rates and prequalify today.

Thousands of Trustpilot reviewers have rated Trust as “excellent.”

How to calculate Creditable mortgage payments

Changes in economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible’s average mortgage rates and mortgage loan rates reported in this article are calculated based on information provided by lenders who pay fees to Credible.

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

The reliable mortgage rates reported here will only give you an idea of ​​the current average rates. The rate you receive can vary based on many factors.

How do I choose a mortgage lender?

A mortgage is probably the largest debt you will ever incur — one that will take decades to pay off. That’s why it’s important to make sure you choose a lender and loan that’s best for your needs and financial situation.

Here are some tips to help you choose a mortgage lender:

  1. Comparison shop. Compare rates and terms from multiple lenders. Just as you comparison shop for less important purchases, you should compare offers from multiple lenders. A Freddie Mac study found that adding just one quote to your loan search could save you $1,500 over the life of a loan. Adding five will save you about $3,000. It makes it incredibly easy to compare your prequalified rates from multiple lenders.
  2. Consider a mortgage broker. Mortgage brokers can do the legwork for you when it comes to finding a loan deal. But remember that mortgage brokers usually make money by charging a small percentage of the loan for their services.
  3. Use relationships. Check mortgage offers from banks and financial institutions you already do business with. Loyalty and familiarity can favor you in negotiating a good loan deal.
  4. Find referrals. Ask friends, family, co-workers and neighbors for referrals and about their experiences with different lenders.
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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 prequalified rates in just minutes.

Have a finance-related question, but don’t know who to ask? Email The Trusted Money Expert at [email protected] and your question may be answered by Credible in our Money Expert column.

As a trusted authority on mortgages and personal finance, Chris Jennings covers topics including mortgage loans, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured on MSN, AOL, Yahoo Finance, and others.

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