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Check out the mortgage rates for July 23, 2021, which are a mixed bag from yesterday. (iStock)

Based on data compiled by Credible, two key mortgage rates have fallen since yesterday, while two others remained unchanged. 

  • 30-year fixed mortgage rates: 2.750%, unchanged
  • 20-year fixed mortgage rates: 2.625%, unchanged
  • 15-year fixed mortgage rates: 2.000%, down from 2.125%, -0.125
  • 10-year fixed mortgage rates: 2.000%, down from 2.125%, -0.125

Rates last updated on July 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What This Means: With purchase rates across all terms holding at historic lows, now could be a good time to buy a home. Rates for 30-year and 20-year terms have held steady for two days in a row. Meanwhile, 15-year and 10-year rates closed the week at 2.000%, representing a great bargain for homeowners who want to purchase a home at a shorter term, save on interest, and can manage a higher monthly payment.

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

Mortgage refinance rates closed out the week on a downward trend, with only 20-year fixed rates remaining unchanged since yesterday. Refinance rates, which are typically lower than mortgage purchase rates, have been closely mirroring purchase rates this week. This means that now could be an advantageous time to refinance into a shorter term while securing a manageable monthly payment and reaping interest savings. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 2.750%, down from 2.875%, -0.125
  • 20-year fixed-rate refinance: 2.625%, unchanged
  • 15-year fixed-rate refinance: 2.000%, down from 2.125%, -0.125
  • 10-year fixed-rate refinance: 2.000%, down from 2.125%, -0.125

Rates last updated on July 23, 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 to get low mortgage rates

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. 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. 

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current mortgage rates

The average mortgage interest rate across all terms hit a six-month low of 2.281% for two consecutive days earlier this week. The average rate closes out the week at just 2.344%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.750%. 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 2.000%. This is down from 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 2.000%. This is down 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 July 23, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today, mortgage rates are a mixed bag compared to this time last week.

  • 30-year fixed mortgage rates: 2.750%, unchanged from last week
  • 20-year fixed mortgage rates: 2.625%, unchanged from last week
  • 15-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125
  • 10-year fixed mortgage rates: 2.000%, down from 2.125% last week, -0.125

Rates last updated on July 23, 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.

The forecast for mortgage rates in 2021

Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.

Fannie Mae researchers anticipate mortgage rates to trend slightly higher this year, citing an ongoing rise in the 10-year Treasury yield. Ultimately, though, Fannie Mae experts believe lenders will “absorb” some of the elevated costs as “refinance demand gradually wanes” — keeping rates at relatively stable levels. 

Here are the predictions for how 30-year fixed rates will look for the rest of the year:

Freddie Mac

  • Q2 (April to June): 2.9%
  • Q3 (July to September): 3.0%
  • Q4 (October to December): 3.0%

Fannie Mae

  • Q2 (April to June): 2.8%
  • Q3 (July to September): 2.9%
  • Q4 (October to December): 2.9%

How accurate were their predictions?

Actual average 30-year fixed rate in Q1 (January to March): 2.877%

  • Freddie Mac prediction: 2.9%
  • Fannie Mae prediction: 2.7%

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 is partnered with a home insurance broker. If you’re looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — 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.