Today’s 20-Year Mortgage Rates Offer the Best Opportunity to Save Money | December 29, 2022 – Fox Business

Today's 20-Year Mortgage Rates Offer the Best Opportunity to Save Money |  December 29, 2022 - Fox Business

Our goal here at Credible Operations, Inc., NMLS number 1681276, hereinafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. While we promote products from our partner borrowers that compensate us for our services, all opinions are our own.

View the mortgage rates of December 29, 2022, which have been increased from Wednesday. (Credible)

Based on data collected by Credible, mortgage rates for home purchases have risen for three key periods and have remained unchanged for one period since yesterday.

Rates last updated on 29 Dec. 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What this means: Rates for a 30-year mortgage have remained stable today, while rates for all other repayment terms have increased. Rates for 10- and 20-year maturities increased slightly, while rates for 15-year terms increased by more than a quarter of a point. With today’s increases, borrowers who want longer repayment terms may want to consider 20-year terms. At 6.125%, a 20-year mortgage offers the combination of a relatively low interest rate and manageable monthly costs.

To find great mortgage rates, start by using Credible’s secure website, which can show you current mortgage rates from multiple lenders without impacting your credit score. You can also use Credible’s mortgage calculation to estimate your monthly mortgage payments.

Based on data collected by Credible, mortgage refinancing rates are up for three key terms and are unchanged since yesterday for one term.

Rates last updated on 29 Dec. 2022. 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 refinancing rates rose today for three key amortization periods, while 30-year rates held steady. Homeowners can save the most on interest with 10-year rates, which are currently the lowest at 5.99%. A 10-year refinance comes with a larger monthly payment, but allows homeowners to pay off their mortgage sooner.

How mortgage rates have changed 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 rocked economies around the world, the average interest rate for a 30- fixed-rate annual mortgage for In 2019, that was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

Due to the historic decline in interest rates, homeowners with mortgages dated 2019 and older may be able to make significant interest savings by refinancing at one of the current lower interest rates. When considering a mortgage refinance or purchase, it is important to consider closing costs such as appraisal, application, origination and attorney fees. These factors, in addition to the interest rate and loan amount, all add to the cost of a mortgage.

Are you planning to buy a house? Credible can help you Compare current rates from multiple mortgage providers suddenly within a few minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

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 quoted in this article are calculated based on information provided by partner borrowers who pay a fee to Credible.

The rates assume that a borrower has a credit score of 740 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 listed here will only give you an idea of ​​the current average rates. The rate you actually receive can vary based on a number of factors.

What is a good mortgage rate?

In general, a good mortgage rate is 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 right for your financial situation should result in a monthly mortgage payment that you can manage while leaving enough room in your monthly budget for savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you want to buy.

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 view pre-qualified rates in minutes.

Do you have a financial question, but you don’t know who to turn to? Email The Credible Money Expert at and your question may be answered by Credible in our Money Expert column.

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

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