Based on data compiled by Credible’s website, mortgage rates for home purchases have held steady for two key terms and risen for two others since yesterday.
- 30-year fixed mortgage rates: 6.490%, up from 6.375%, +0.115
- 20-year fixed mortgage rates: 6.375%, up from 6.125%, +0.250
- 15-year fixed mortgage rates: 5.875%, unchanged
- 10-year fixed mortgage rates: 5.625%, unchanged
Rates last updated on June 23, 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 have edged up for 30-year terms, bringing the rate to 6.49%. Rates for 20-year terms have also risen, increasing by a quarter of a percentage point to 6.375%. Meanwhile, both 10- and 15-year terms have remained unchanged, holding at 5.625% and 5.875%, respectively. Overall, mortgage rates have maintained the pattern of shorter terms staying below 6%, while longer terms remain above. Homebuyers looking to save the most on interest should consider today’s lowest rate, 10-year terms at 5.625%. Borrowers who would rather have a smaller monthly payment should instead consider 20-year terms, as their rates are lower than those of 30-year terms.
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 held steady for one key term while three others have risen since yesterday.
- 30-year fixed-rate refinance: 6.625%, up from 6.490%, +0.135
- 20-year fixed-rate refinance: 6.500%, up from 6.375%, +0.125
- 15-year fixed-rate refinance: 5.875%, unchanged
- 10-year fixed-rate refinance: 6.000%, up from 5.625%, +0.375
Rates last updated on June 23, 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 risen by over a quarter of a percentage point for 10-year terms, bringing the rate to 6%. Additionally, rates for 20- and 30-year terms have edged up to 6.5% and 6.625%, respectively. Meanwhile, rates for 15-year terms have remained unchanged at 5.875%. Overall, mortgage refinance rates have deviated from the past week’s pattern of 10-, 20-, and 30-year terms remaining stable, as all three rates have risen. Borrowers looking for a lower monthly payment should consider 20-year terms rather than 30-year terms today, as 20-year terms have a lower rate. Homeowners who would rather maximize their interest savings should instead consider 15-year terms, as 5.875% is today’s lowest 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.