Savings window still open: Mortgage rates linger at 3% or lower | Sept. 30, 2021

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Based on data compiled by Credible, mortgage rates held steady since yesterday.

• 30-year fixed mortgage rates: 3.000%, unchanged
• 20-year fixed mortgage rates: 2.750%, unchanged
• 15-year fixed mortgage rates: 2.250%, unchanged
• 10-year fixed mortgage rates: 2.250%, unchanged

Rates last updated on Sept. 30, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage interest rates continue to hold at 3% or lower, giving homebuyers an opportunity to secure a low rate ahead of rate increases anticipated by the end of the year. A quarter-point week-over-week rise in rates for all mortgage terms could be a sign rates will soon move from their historic lows.

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).

How mortgage rates have changed

Today, mortgage rates are up compared to this time last week.

• 30-year fixed mortgage rates: 3.000%, up from 2.750% last week, +0.250
• 20-year fixed mortgage rates: 2.750%, up from 2.500% last week, +0.250
• 15-year fixed mortgage rates: 2.250%, up from 2.000% last week, +0.250
• 10-year fixed mortgage rates: 2.250%, up from 2.000% last week, +0.250

Rates last updated on Sept. 30, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

These rates are based on the assumptions shown here. Actual rates may vary.

Looking at today’s mortgage refinance rates

Today’s mortgage refinance rates have remained unchanged since yesterday. The average mortgage refinance rate across all terms is 2.563%, the highest it’s been since July 2. It’s been below 2.6% since April 5. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed refinance rates: 3.000%, unchanged
• 20-year fixed refinance rates: 2.750%, unchanged
• 15-year fixed refinance rates: 2.250%, unchanged
• 10-year fixed refinance rates: 2.250%, unchanged

Rates last updated on Sept. 30, 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.

Comparing home loan types 

Home ownership is a key component of the American Dream for many people. And between the federal government and private lenders, multiple types of home loans are available to help as many people as possible achieve the dream of owning a home.

With so many options, it can be difficult to know which type of home loan may be best for your needs. Here are some comparisons to help you understand the difference between loan types.

Government-backed vs. conventional loans

Government-backed loans are either issued or insured by the federal government. These include FHA loans, VA loans, and USDA loans. Conventional loans are not issued or insured by the government.

Because the risk to private lenders is lower with government-backed loans, these loans can be easier to get, but have higher interest rates. With conventional loans, the lender assumes all the risk if a borrower defaults, so they can be more difficult to get. But if you have the credit score and income to qualify for a conventional loan, you may find you’re able to get a better interest rate.

Current mortgage rates

Today’s mortgage rates held steady since yesterday, with 30-year mortgage interest rates sitting at 3%. Rates briefly hit 3% last week on Sept. 24, before dropping back down. 

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.000%. 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 2.750%. 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 2.250%. 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 2.250%. This is the same as 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 Sept. 30, 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.

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 credit score do I need to buy a house?

The credit score you’ll need to get a mortgage will vary depending on multiple factors, including the type of mortgage you apply for. Here are the general credit score requirements for some popular mortgage products.

FHA loans

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures these loans, which are made by private lenders. It’s possible to qualify for an FHA loan with a credit score as low as 500, but you’ll need to have a down payment of at least 10%. With a credit score of 580 or higher, you’d only be required to put down 3.5%.

VA loans

The U.S. Department of Veterans Affairs guarantees a portion of these loans, which are made by private lenders and are only available to active-duty military, veterans, and their spouses. VA loans have no minimum credit score requirement. But the VA guidelines help ensure applicants will have sufficient income to afford the loan.

USDA loans

Very low-income Americans who want to buy homes in certain rural areas may be eligible for a loan from the U.S. Department of Agriculture. The USDA funds these loans, and there’s no minimum credit score requirement.

Conventional loans

A conventional loan is one that’s not backed by any government agency. To qualify for a conventional loan, you’ll typically need a credit score of at least 620 for fixed-rate loans, and 640 for adjustable-rate mortgages, according to Fannie Mae.

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 insurers, 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 moneyexpert@credible.com 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.