Mortgage Rates Today Are Reaching All Levels: Up, Down and Steady | July 1, 2021

0

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Check out mortgage rates for July 1, 2021, which have been on the rise since yesterday. (iStock)

Based on data compiled by Credible, 20-year and 10-year fixed mortgage rates are on the rise, while 30-year rates have remained stable and 15-year rates have fallen since yesterday.

  • Fixed mortgage rates over 30 years: 2.875%, unchanged
  • 20-year fixed mortgage rates: 2.750%, compared to 2.625%, +0.125
  • Fixed mortgage rates over 15 years: 2.125%, vs. 2.250%, -0.125
  • 10-year fixed mortgage rates: 2.125%, vs. 2.000%, + 0.125

Prices last updated on July 1, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

What does that mean: Mortgage rates today continue to be volatile, while remaining in record territory. With 15-year rates again mirroring 10-year rates, homebuyers have the opportunity to take advantage of the lowest rates available while reducing their monthly payments a bit. Meanwhile, 30-year rates – the most common mortgage term – remain well below 3,000%.

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

Browse the rates of several lenders to make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at Mortgage Refinance Rates Today

Mortgage refinancing rates today are also mixed, with two rates falling, one rising and one unchanged from yesterday. Note in particular the 15-year refinancing rates, which plunged 0.250 points after climbing by the same margin yesterday. Today, 15-year refinance rates are lower than 10-year rates, which are traditionally the lowest. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Fixed refinancing rates over 30 years: 3.000%, vs. 2.875%, + 0.125
  • Fixed refinancing rates over 20 years: 2.875%, unchanged
  • Fixed refinancing rates over 15 years: 2.125%, vs. 2.375%, -0.250
  • Fixed refinancing rates over 10 years: 2.250%, vs. 2.375%, -0.125

Prices last updated on July 1, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be of great help when you are ready to compare mortgage refinancing loans. Credible allows you to view prequalified rates for conventional mortgages from multiple lenders within minutes. Visit Credible today to begin.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 customer reviews who have safely compared prequalified rates.

How to get low mortgage rates

Mortgage and refinancing rates are affected by many economic factors, such as the unemployment rate and inflation. But your personal financial history will also be determine the rates offered to you.

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

It’s also a good idea to compare the rates of different lenders to find the best rate for your financial goals. According to research by Freddie mac, borrowers can save $ 1,500 on average over the life of their loan by purchasing one additional rate quote – and on average $ 3,000 by comparing five rate quotes.

Credible can help you compare the current rates of several mortgage lenders suddenly in a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare prices and pre-qualify today.

Current mortgage rates

Although remaining at bargain basement levels, mortgage interest rates this week have been temperamental, marking daily fluctuations for most terms.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 2.875%. It’s the same as yesterday. Thirty years is the most common mortgage repayment term because 30-year mortgages typically give you a lower monthly payment. But they also usually come with higher interest rates, which means you’ll end up paying more interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20 year fixed rate mortgage is 2.750%. It’s since yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less 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 down from yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you earn a lower rate than a 30-year term – and pay less interest over the life of the loan – while still keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10 year fixed rate mortgage is 2.125%. It’s since yesterday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage typically gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare the current rates of various lenders who offer mortgage refinances as well as home loans. Discover Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible “excellent”.

Prices updated on July 1, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

How mortgage rates have changed

Today, mortgage rates are up for the longest and shortest terms compared to the same period last week.

  • Fixed mortgage rates over 30 years: 2.875%, compared to 2.750% last week, +0.125
  • 20-year fixed mortgage rates: 2.750%, unchanged from last week
  • Fixed mortgage rates over 15 years: 2.125%, unchanged from last week
  • 10-year fixed mortgage rates: 2.125%, compared to 2.000% last week, +0.125

Prices last updated on July 1, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

If you are trying to find the right rate for your mortgage or are 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 minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

Mortgage rate forecast in 2021

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

Fannie Mae researchers predict that mortgage rates will trend up slightly this year, citing a continued rise in the 10-year Treasury yield. Ultimately, however, experts at Fannie Mae believe lenders will “absorb” some of the high costs as “demand for refinancing gradually declines” – keeping rates relatively stable.

Here is the forecast for what the 30-year fixed rates will look like 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?

30-year real average fixed rate in the first quarter (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 you cover unforeseen costs you might incur during homeownership, such as structural damage and destruction or theft of 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 for free home insurance quote via Credible’s partner here. It’s quick, easy, and the whole process can be done 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 could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.


Source link

Share.

About Author

Leave A Reply