Today's 10-year mortgage rates tick up, other terms remain unchanged | August 11, 2021

Check out the mortgage rates for August 11, 2021, which are largely unchanged from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates remained unchanged since yesterday, with the exception of 10-year rates, which edged up.

  • 30-year fixed mortgage rates: 2.875%, unchanged
  • 20-year fixed mortgage rates: 2.625%, unchanged
  • 15-year fixed mortgage rates: 2.125%, unchanged
  • 10-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

Rates last updated on August 11, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Rates for a 10-year mortgage rose to 2.125% today, matching the rate for a 15-year term. Buyers who want a shorter term and can swing a higher monthly payment could reap significant interest savings by financing with a 10-year term. For buyers who want a longer term, 30-year and 20-year rates could also represent a bargain. 

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

  • Check out mortgage refinance rates
  • Compare home purchase 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

Average mortgage refinance rates have remained well below 2.5% for 18 days in a row, which means homeowners looking to refinance could find interest savings no matter which term they choose. Though 30-year terms, which are the most common, rose to 2.875% at the beginning of the week, rates for this term haven’t hit 3% since July 2. Rates for 20-year, 15-year, and 10-year terms have also fluctuated slightly from day to day, but all terms continue holding at historic lows. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed refinance rates: 2.875%, unchanged
  • 20-year fixed refinance rates: 2.750%, up from 2.625%, +0.125
  • 15-year fixed refinance rates: 2.125%, unchanged
  • 10-year fixed refinance rates: 2.125%, unchanged

Rates last updated on August 11, 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 large of a down payment do I need?

A down payment is your initial investment in your home. It’s the portion of a home’s purchase price that you’re able to pay in cash, out of your own pocket, while borrowing the balance.

Typically, you’ll need to have some money for a down payment when you buy a home. How much you need can vary, depending on the lender and the type of mortgage. For example, Federal Housing Administration (FHA) mortgages have minimum down payment requirements of just 3.5%. Conventional fixed-rate loans often require 5% down payments, while VA and USDA loans don’t require you to have a down payment at all.

Keep in mind that the bigger your down payment, the more likely you are to qualify for a better deal on a mortgage. If your credit is good and you can put down 20% or more, you may be able to qualify for a very good interest rate. Plus, sellers often prefer buyers with higher down payments.

Finally, a 20% down payment will typically mean your lender won’t require private mortgage insurance. PMI protects the lender if you default on the loan, and it increases your monthly mortgage payment. The cost of PMI can vary widely, but it’s typically based on a percentage of your home’s purchase price.  

Current mortgage rates

Average mortgage interest rates have sat well below 5% for 20 consecutive days. Today’s average mortgage interest rate is 2.438%. 

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.875%. 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 2.625%. 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 2.125%. 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 2.125%. This is up from 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 August 11, 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 up compared to this time last week.

  • 30-year fixed mortgage rates: 2.875%, up from 2.625% last week, +0.250
  • 20-year fixed mortgage rates: 2.625%, up from 2.500% last week, +0.125
  • 15-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125

Rates last updated on August 11, 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 is a good mortgage rate? 

Many factors influence the mortgage rate a lender may offer you. But generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more. 

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

Once you’ve chosen the home loan type that works for you, you can compare multiple lenders to truly find the best rates.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among lenders, 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.

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