Business is booming.

Flat mortgage rates give buyers another day to lock in a bargain | Nov. 18, 2021

0 5


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 do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Check out the mortgage rates for Nov. 18, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have remained unchanged since yesterday.

  • 30-year fixed mortgage rates: 3.125%, unchanged
  • 20-year fixed mortgage rates: 2.875%, unchanged
  • 15-year fixed mortgage rates: 2.375%, unchanged
  • 10-year fixed mortgage rates: 2.375%, unchanged

Rates last updated on Nov. 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage rates have been resting at bargain lows all week, giving homebuyers time to lock in a low rate. But buyers might want to act sooner rather than later — mortgage experts have predicted slow but steady increases in the final months of 2021. While rates remain comparatively low, today’s mortgage rates are higher than last week at this time. 

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

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

With mortgage refinance rates at a standstill for the fourth day in a row, homeowners who act now can refinance into an interest-saving mortgage before rates increase further. Refinance rates are lower than rates for a mortgage purchase prior to the pandemic, so homeowners who refinance now stand to save money whether they choose a longer or shorter term. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.125%, unchanged
  • 20-year fixed-rate refinance: 2.875%, unchanged
  • 15-year fixed-rate refinance: 2.375%, unchanged
  • 10-year fixed-rate refinance: 2.375%, unchanged

Rates last updated on Nov. 18, 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

For the fourth day in a row, the average mortgage interest rate is sitting at 2.688%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.125%. 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 2.875%. 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 2.375%. 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 2.375%. 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…



Read More: Flat mortgage rates give buyers another day to lock in a bargain | Nov. 18, 2021

2021-11-18 14:00:35

Leave A Reply

Your email address will not be published.

Watch Sky News