Savings Window Opens: Today’s 30-Year Mortgage Rates Drop by a Quarter Point | November 21, 2022

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Check out the mortgage rates for November 21, 2022, which are largely down from last Friday. (Credible)

Based on data compiled by Credible, home buying mortgage rates fell for three key terms and rose for another period since last Friday.

Rates were last updated on November 21, 2022. These rates are based on assumptions stated here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 reviews on Trustpilot with an average star rating of 4.7 (out of a possible 5.0).

What does it mean: 30-year mortgage rates, which tend to be the most popular, fell a quarter of a point over the weekend. Meanwhile, 15- and 20-year rates have also declined and 10-year rates have increased. With today’s changing rates, 15-year terms are the best fit for buyers for a low interest rate and manageable monthly payments. Homebuyers may want to freeze a mortgage while rates for all terms remain below 7%, ahead of likely hikes.

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

Based on the data collected by Credible, mortgage refinancing rates they’ve declined for three key terms and are up for another since last Friday.

Rates were last updated on November 21, 2022. These rates are based on assumptions stated here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot rating.

What does it mean: Three major mortgage refinance rates fell today, with 30-year rates dropping a quarter of a point and 15-year rates falling below 6%. Homeowners who want to stick to a longer repayment term might consider 20-year rates, which are more than half a point lower than rates for a 30-year term. Rates are likely to continue to fluctuate, meaning homeowners looking to refinance may want to lock in a low rate now before future hikes.

How have mortgage rates changed over time?

Mortgage interest rates today are well below the highest average annual rate recorded by Freddie Mac: 16.63% in 1981. A year before the COVID-19 pandemic shocked economies around the world, the rate The average interest rate for a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in the last 30 years.

Historic declines in interest rates mean that homeowners who have mortgages from 2019 onward could potentially make significant interest savings by refinancing at one of today’s lowest interest rates. When considering refinancing or buying a mortgage, it’s important to factor in closing costs such as appraisal, application, origination, and attorney fees. These factors, plus the interest rate and loan amount, all contribute to the cost of a mortgage.

Are you looking to buy a house? Credible can help you compare current rates from multiple mortgage lenders immediately in 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. The Credible Average Mortgage Rates and Mortgage Refinance Rates shown in this article are calculated based on information provided by partner lenders who pay settlements to Credible.

Rates assume a borrower has a credit score of 740 and is taking out a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.

The credible mortgage rates shown here will only give you an idea of ​​current average rates. The actual fare received may vary based on a number of factors.

What is a good mortgage rate?

In general, a good mortgage rate is one that 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 good for your financial situation should translate into a monthly mortgage you can manage, leaving plenty of 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 you’re looking 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 see pre-qualified rates in minutes.

Have a finance-related question, but don’t know who to ask? Email the credible money expert at and your question may be answered by Credible in our Money Expert column.

As a credible authority on mortgage and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinances, and more. He was 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 others.

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