Refi rates on Oct. 13, 2021: Rates increase – CNET

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A few benchmark mortgage refinance rates moved up today. Both 15-year fixed and 30-year fixed refinances saw their average rates climb. In addition, the average rate on 10-year fixed refinance also saw an increase. Refinance interest rates are never set in stone -- but rates have been at historic lows. For those looking to get a good rate, now is an excellent time to refinance a house. Before refinancing, remember to think about your personal needs and financial situation, and shop around for different lenders to find the best one for you.

30-year fixed-rate refinance

The average 30-year fixed refinance rate right now is 3.17%, an increase of 9 basis points from what we saw one week ago. (A basis point is equivalent to 0.01%.) One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. Because of this, a 30-year refinance can be a good idea if you're having trouble making your monthly payments. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 2.41%, an increase of 5 basis points over last week. With a 15-year fixed refinance, you'll have a larger monthly payment than a 30-year loan. On the other hand, you'll save money on interest, since you'll pay off the loan sooner. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you'll save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 2.37%, an increase of 7 basis points over last week. You'll pay more every month with a ten-year fixed refinance compared to a 30-year or 15-year refinance -- but you'll also have a lower interest rate. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates provided by lenders across the country:

Average refinance interest rates

Product Rate A week ago Change
30-year fixed refi 3.17% 3.08% +0.09
15-year fixed refi 2.41% 2.36% +0.05
10-year fixed refi 2.37% 2.30% +0.07

Rates as of Oct. 13, 2021.

How to find the best refinance rate

When looking for refinance rates, know that your specific rate may differ from those advertised online. Your interest rate will be influenced by market conditions as well as your credit history and application.

Generally, you'll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. Researching interest rates online is always a good idea, but you'll need to connect with a mortgage professional to get your exact refinance rate. And don't forget about fees and closing costs which may cost a hefty amount upfront.

It’s also worth noting that in recent months, lenders have been stricter with their requirements. As such, you may not qualify for a refinance -- or a low rate -- if you don't have a solid credit rating.

One way to get the best refinance rates is to strengthen your borrower application. If you haven't already, try to improve your credit by monitoring your credit reports, using credit responsibly, and managing your finances carefully. Also be sure to compare offer from multiple lenders in order to get the best rate.

When should I refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner -- or for a combination of reasons? Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don't have a solid credit score, you may not qualify for the best rate. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it's a good fit for your situation.

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Here are today’s mortgage rates on Oct. 13, 2021: Rates move up – CNET

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A variety of important mortgage rates increased today. The average interest rates for both 15-year fixed and 30-year fixed mortgages both saw increases. At the same time, average rates for 5/1 adjustable-rate mortgages also were boosted. Mortgage interest rates are never set in stone, but interest rates are the lowest they've been in years. For those looking to secure a fixed rate, now is an optimal time to buy a house. But as always, make sure to first think about your personal goals and circumstances before buying a home, and shop around to find a lender who can best meet your needs.

30-year fixed-rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 3.19%, which is a growth of 8 basis points as seven days ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will often have a greater interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. You won’t be able to pay off your house as quickly and you’ll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.43%, which is an increase of 5 basis points compared to a week ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. But a 15-year loan will usually be the better deal, if you're able to afford the monthly payments. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.21%, an increase of 10 basis points from the same time last week. With an adjustable-rate mortgage mortgage, you'll typically get a lower interest rate than a 30-year fixed mortgage for the first five years. But changes in the market may cause your interest rate to increase after that time, as detailed in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage might make sense for you. But if that's not the case, you could be on the hook for a significantly higher interest rate if the market rates shift.

Mortgage rate trends

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the US:

Average mortgage interest rates

Product Rate Last week Change
30-year fixed 3.19% 3.11% +0.08
15-year fixed 2.43% 2.38% +0.05
30-year jumbo mortgage rate 2.79% 2.79% N/C
30-year mortgage refinance rate 3.17% 3.08% +0.09

Rates as of Oct. 13, 2021.

How to find personalized mortgage rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. When looking into home mortgage rates, take into account your goals and current finances. Things that affect what mortgage rate you might get include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Generally, you want a good credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. Apart from the mortgage rate, other costs including closing costs, fees, discount points and taxes might also factor into the cost of your house. Be sure to shop around with multiple lenders -- such as credit unions and online lenders in addition to local and national banks -- in order to get a loan that's the right fit for you.

What is a good loan term?

One important consideration when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are set for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only stable for a certain amount of time (usually five, seven or 10 years). After that, the rate fluctuates annually based on the market interest rate. When deciding between a fixed-rate and adjustable-rate mortgage, you should take into consideration how long you plan to stay in your home. For those who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages might have lower interest rates upfront, fixed-rate mortgages are more stable in the long term. If you don't plan to keep your new house for more than three to 10 years, however, an adjustable-rate mortgage could give you a better deal. The best loan term all is entirely dependent on your specific situation and goals, so make sure to take into consideration what’s important to you when choosing a mortgage.

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Refi rates on Oct. 12, 2021: Rates increase – CNET

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Amanda Andrade-Rhoades/Getty

A few closely followed mortgage refinance rates climbed today. Both 15-year fixed and 30-year fixed refinances saw their mean rates go up. In addition, the average rate on 10-year fixed refinance also made gains. Refinance interest rates are never set in stone -- but rates have been at historic lows. If you plan to refinance your house, now might be a great time to get a good rate. Before getting a refinance, remember to think about your personal needs and financial situation, and compare offers from multiple lenders to find the best one for you.

Read more: 7 things to do before moving into your new home

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 3.17%, an increase of 10 basis points from what we saw one week ago. (A basis point is equivalent to 0.01%.) Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit more breathing room. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you'll pay off your loan at a slower rate.

15-year fixed-rate refinance

For 15-year fixed refinances, the average rate is currently at 2.41%, an increase of 4 basis points compared to one week ago. Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. But you'll save more money over time, because you're paying off your loan quicker. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you'll save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 2.37%, an increase of 9 basis points from what we saw the previous week. A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure that you can afford a higher monthly payment.

Where rates are headed

We track refinance rate trends using data collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates reported by lenders nationwide:

Average refinance interest rates

ProductRateA week agoChange
30-year fixed refi3.17%3.07%+0.10
15-year fixed refi2.41%2.37%+0.04
10-year fixed refi2.37%2.28%+0.09

Rates as of Oct. 12, 2021.

How to find personalized refinance rates

When looking for refinance rates, know that your specific rate may differ from those advertised online. Your interest rate will be influenced by market conditions as well as your credit history and application.

To get the best interest rates, you'll typically need a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. And don't forget about fees and closing costs which may cost a hefty amount upfront.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

Before applying for a refinance, you should make your application as strong as possible in order to get the best rates available. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. You should also shop around with multiple lenders and compare offers to make sure you're getting the best rate.

When should I refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. Interest rates in the past few months have been at historic lows, but that's not the only thing you should be looking at when deciding whether to refinance.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It's helpful to have a specific goal for a refinance -- such as decreasing your monthly payment or adjusting the term of your loan. Also keep in mind that closing costs and other fees may require an upfront investment.

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates -- or even a refinance at all -- if you don't meet their standards. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it's a good fit for your situation.

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Mortgage rates for Oct. 12, 2021: Rates increase – CNET

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Michael Short/Getty

Some closely followed mortgage rates climbed up today. 15-year fixed and 30-year fixed mortgage rates both were higher. We also saw an upward trend in the average rate of 5/1 adjustable-rate mortgages. Mortgage interest rates are never set in stone, but interest rates are at historic lows. If you plan to finance a home, now might be an excellent time to lock in a fixed rate. Before you buy a house, remember to consider your personal needs and financial situation, and shop around for different lenders to find the right one for you.

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.19%, which is an increase of 8 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one -- but usually a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.43%, which is an increase of 6 basis points from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. However, if you're able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.21%, an uptick of 9 basis points compared to a week ago. For the first five years, you'll typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. But you may end up paying more after that time, depending on the terms of your loan and how the rate shifts with the market rate. For borrowers who plan to sell or refinance their house before the rate changes, an ARM may be a good option. But if that's not the case, you might be on the hook for a significantly higher interest rate if the market rates shift.

Mortgage rate trends

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track rates changes over time. This table summarizes the average rates offered by lenders across the US:

Current average mortgage interest rates

Loan typeInterest rateA week agoChange
30-year fixed rate3.19%3.11%+0.08
15-year fixed rate2.43%2.37%+0.06
30-year jumbo mortgage rate2.80%2.80%N/C
30-year mortgage refinance rate 3.17%3.07%+0.10

Updated on Oct. 12, 2021.

How to shop for the best mortgage rate

When you are ready to apply for a loan, you can reach out to a local mortgage broker or search online. When researching home mortgage rates, consider your goals and current financial situation. Specific interest rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Generally, you want a higher credit score, a higher down payment, a lower DTI and a lower LTV to get a lower interest rate. The interest rate isn't the only factor that affects the cost of your home — be sure to also consider additional factors such as fees, closing costs, taxes and discount points. Make sure you speak with multiple lenders -- for example, local and national banks, credit unions and online lenders -- and comparison shop to find the best mortgage loan for you.

How does the loan term impact my mortgage?

One important thing to keep in mind when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are stable for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only fixed for a certain amount of time (commonly five, seven or 10 years). After that, the rate changes annually based on the market interest rate.

One important factor to take into consideration when choosing between a fixed-rate and adjustable-rate mortgage is how long you plan on living in your home. If you plan on living long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you don't have plans to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The best loan term is entirely dependent on your personal situation and goals, so make sure to consider what's important to you when choosing a mortgage.

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Amazon credit card: Every deal and perk for using the Prime Visa to shop – CNET

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Ben Fox Rubin/CNET

Amazon's Black Friday deals debuted earlier this week, and there are some compelling reasons to check out Amazon's own rewards credit card this holiday season.

The Amazon Prime Rewards Visa Signature Card typically earns you 5% cash back on purchases at Amazon and Whole Foods -- however during some events like Prime Day, you'll receive 6% back on Amazon purchases. It's one of the best cash-back credit cards if you're a regular shopper at those stores. And, at the moment, there are a few other compelling benefits. First, the company will drop up to a $150 gift card in your Amazon account when you're approved. Second, you can earn up to 25% back on select items from rotating Amazon categories.

That noted, the Prime Reward Visa's cash-back rates for purchases at non-Amazon stores aren't as impressive. You get only 2% back at restaurants, gas stations and drug stores, and 1% back on other purchases. So, if you're not a regular Amazon or Whole Foods shopper, you may be better off with the Citi® Double Cash Card, which offers 2% cash back on every purchase (1% when you buy plus an additional 1% when you pay for those purchases). 

Another alternative for Prime Day is the Blue Cash Preferred® Card from American Express, which offers 6% cash back on groceries at US supermarkets -- including Whole Foods -- on up to $6,000 per year (after which the cash-back rate decreases to 1%). You can also earn 6% cash back on select US streaming service purchases, including Amazon Prime Video. Lastly, you can get a $300 statement credit by spending $3,000 within the first six months of membership. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. Terms apply. 

Still, the Amazon Prime rewards card has no annual fee and the eligibility requirements aren't particularly stringent. Applicants with a "fair" credit score (approximately 580 or higher) stand a good chance of being approved.

Amazon also offers a slimmed-down version of its Rewards Visa for people who are not Prime members, but the Amazon and Whole Foods cash-back rate is only 3% and signup incentive is lower: a $50 Amazon gift card. But if you're looking to maximize your Amazon cash-back potential, you're probably better off becoming an Amazon Prime member first -- which costs $119 per year -- and then applying for the full-featured Prime version of the card. Since you'll earn up to $150 as a signup bonus with the Amazon Prime Rewards Card, it may fully cover your first year of Prime membership, which features many worthwhile benefits

Once you have the Amazon Prime Rewards Visa Signature Card, you can redeem your rewards points when checking out at Amazon or as a statement credit, starting at 2,000 points -- equivalent to $20. Check out all of the rewards and redemption details here.

More credit card advice

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Refi rates on Oct. 6, 2021: Rates ease – CNET

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Jay Solmonson/Getty
Numerous benchmark refinance rates receded today. Both 15-year fixed and 30-year fixed refinances saw their average rates slump. In addition, the average rate on 10-year fixed refinance also trailed off. Although refinance rates are dynamic, they have been at historic lows. Because of this, right now is an ideal time for homeowners to get a good refinance rate. But as always, make sure to first think about your personal goals and circumstances before getting a refinance, and shop around for a lender who can best meet your needs.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 3.08%, a decrease of 4 basis points from what we saw one week ago. (A basis point is equivalent to 0.01%.) One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. However, interest rates for a 30-year refinance will typically be higher than rates for a 15-year or 10-year refinance. It'll also take you longer to pay off your loan.

15-year fixed-rate refinance

The current average interest rate for 15-year refinances is 2.36%, a decrease of 1 basis point from what we saw the previous week. Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. But you'll save more money over time, because you're paying off your loan quicker. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you'll save even more in the long run.

10-year fixed-rate refinance

For 10-year fixed refinances, the average rate is currently at 2.30%, a decrease of 2 basis points compared to one week ago. Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can help you pay off your house much quicker and save on interest. However, you should analyze your budget and current financial situation to make sure you’ll be able to afford the higher monthly payment.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates provided by lenders nationwide:

Average refinance interest rates

Product Rate A week ago Change
30-year fixed refi 3.08% 3.12% -0.04
15-year fixed refi 2.36% 2.37% -0.01
10-year fixed refi 2.30% 2.32% -0.02

Rates as of Oct. 6, 2021.

How to find personalized refinance rates

When looking for refinance rates, know that your specific rate may differ from those advertised online. Your interest rate will be influenced by market conditions as well as your credit history and application.

Generally, you'll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. Researching interest rates online is always a good idea, but you'll need to connect with a mortgage professional to get your exact refinance rate. You should also take into account any fees and closing costs that might offset the potential savings of a refinance.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

To get the best refinance rates, you’ll first want to make your application as strong as possible. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. Also be sure to compare offer from multiple lenders in order to get the best rate.

Is now a good time to refinance?

Generally, it's a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It's true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It's helpful to have a specific goal for a refinance -- such as decreasing your monthly payment or adjusting the term of your loan. Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don't have a solid credit score, you may not qualify for the best rate. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it's a good fit for your situation.

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Current mortgage rates for Oct. 6, 2021: Rates tick down – CNET

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Jim Lane/Getty
A variety of major mortgage rates decreased today. The average interest rates for both 15-year fixed and 30-year fixed mortgages took a tumble. At the same time, average rates for 5/1 adjustable-rate mortgages also decreased. Although mortgage rates are always changing, they are lower than they've been in years. Because of this, right now is an ideal time for prospective homebuyers to lock in a fixed rate. But as always, make sure to first think about your personal goals and circumstances before purchasing a home, and compare offers to find a lender who can best meet your needs.

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.11%, which is a decrease of 2 basis points as seven days ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed mortgage will often have a greater interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.38%, which is a decrease of 2 basis points from seven days ago. You’ll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. However, as long as you're able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 3.11%, a slide of 4 basis points compared to last week. For the first five years, you’ll usually get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. However, shifts in the market might cause your interest rate to increase after that time, as detailed in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage might make sense for you. Otherwise, changes in the market means your interest rate could be a good deal higher once the rate adjusts.

Mortgage rate trends

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Average mortgage interest rates

Product Rate Last week Change
30-year fixed 3.11% 3.13% -0.02
15-year fixed 2.38% 2.40% -0.02
30-year jumbo mortgage rate 2.79% 2.79% N/C
30-year mortgage refinance rate 3.08% 3.12% -0.04

Rates as of Oct. 6, 2021.

How to find the best mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. Make sure to take into accountyour current finances and your goals when searching for a mortgage. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect your mortgage interest rate. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. The interest rate isn't the only factor that affects the cost of your home — be sure to also consider additional factors such as fees, closing costs, taxes and discount points. Make sure to comparison shop with multiple lenders -- for example, credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's the right fit for you.

What is a good loan term?

One important consideration when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Another important distinction is between fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are stable for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only fixed for a certain amount of time (most frequently five, seven or 10 years). After that, the rate changes annually based on the market rate. One important factor to think about when choosing between a fixed-rate and adjustable-rate mortgage is the length of time you plan on living in your house. Fixed-rate mortgages might be a better fit if you plan on staying in a home for quite some time. While adjustable-rate mortgages may offer lower interest rates upfront, fixed-rate mortgages are more stable over time. However you could get a better deal with an adjustable-rate mortgage if you only intend to keep your house for a couple years. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. It's important to do your research and understand your own priorities when choosing a mortgage.

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Mortgage interest rates today for Sept. 14, 2021: Rates drop – CNET

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Wang Ying/Getty Images

A few key mortgage rates sank today. Average rates for 15-year fixed and 30-year fixed mortgages both decreased, while the average rate for 5/1 adjustable-rate mortgages also dropped. Although mortgage rates always fluctuate, they are currently lower than they've been in years. Because of this, now could be a great time to lock in a fixed rate. Before you buy a house, remember to think about your personal needs and financial situation, and compare offers from various lenders to find the right one for you.

Compare nationwide home loan rates from various lenders

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 3.02%, which is a decrease of 1 basis point compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but usually a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.31%, which is a decrease of 2 basis points from the same time last week. You'll definitely have a bigger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. However, if you're able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 3.03%, a decrease of 2 basis points from the same time last week. For the first five years, you'll typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. However, since the rate changes with the market rate, you could end up paying more after that time, as described in the terms of your loan. For borrowers who plan to sell or refinance their house before the rate changes, an ARM might be a good option. If not, shifts in the market may significantly increase your interest rate.

Mortgage rate trends

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track rate changes over time. This table summarizes the average rates offered by lenders across the country:

Today's mortgage interest rates

Loan termToday's rateLast weekChange
30-year mortgage rate3.02%3.03%-0.01
15-year fixed rate2.31%2.33%-0.02
30-year jumbo mortgage rate2.78%2.80%-0.02
30-year mortgage refinance rate 2.99%3.00%-0.01

Rates accurate as of Sept. 14, 2021.

How to find the best mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. Make sure to consider your current finances and your goals when trying to find a mortgage. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect the interest rate on your mortgage. Having a higher credit score, a higher down payment, a low DTI, a low LTV or any combination of those factors can help you get a lower interest rate. 

 Beyond the mortgage interest rate, other costs including closing costs, fees, discount points and taxes might also affect the cost of your house. Make sure to shop around with multiple lenders -- including credit unions and online lenders in addition to local and national banks -- in order to get a loan that's the right fit for you.

How does the loan term impact my mortgage?

One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are stable for the life of the loan. For adjustable-rate mortgages, interest rates are fixed for a certain number of years (typically five, seven or 10 years), then the rate adjusts annually based on the market rate.

When choosing between a fixed- and adjustable-rate mortgage, you should consider the length of time you plan to stay in your house. Fixed-rate mortgages might be a better fit for those who plan on staying in a home for quite some time. While ARMs may offer lower interest rates upfront, fixed-rate mortgages are more stable over time. If you aren't planning to keep your new house for more than three to 10 years, however, an ARM could give you a better deal. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. Make sure to do your research and understand your own priorities when choosing a mortgage.

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Mortgage refinance rates on Aug. 20, 2021: Rate moves lower – CNET

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In general, refinance rates for mortgages were varied with one notable rate sliding lower. The average rate nationwide for a 15-year fixed-rate refinance moved up, while 30-year fixed refinance rates went down. At the same time, average rates for 10-year fixed refinances saw growth. Refinance interest rates are never set in stone -- but rates have been historically low. If you plan to refinance your house, now might be an excellent time to get a good rate. But as always, make sure to first think about your personal goals and circumstances before refinancing, and shop around to find a lender who can best meet your needs.

30-year fixed refinance rates

The current average interest rate for a 30-year refinance is 3.02%, a decrease of 1 basis point from what we saw one week ago. (A basis point is equivalent to 0.01%.) One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15-year and 10-year refinance rates. You'll also pay off your loan slower.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 2.31%, an increase of 1 basis points over last week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. On the other hand, you'll save money on interest, since you'll pay off the loan sooner. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you'll save even more in the long run.

10-year fixed-rate refinance

The average rate for a 10-year fixed refinance loan is currently 2.35%, an increase of 2 basis points from what we saw the previous week. A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can help you pay off your house much quicker and save on interest. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

We track refinance rate trends using data collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates provided by lenders nationwide:

Average refinance interest rates

Product Rate Last week Change
30-year fixed refi 3.02% 3.03% -0.01
15-year fixed refi 2.31% 2.30% +0.01
10-year fixed refi 2.35% 2.33% +0.02

Rates as of Aug. 20, 2021.

How to find the best refinance rate

It's important to understand that the rates advertised online may not apply to you. Market conditions aren't the only factor in interest rates; your particular application and credit history will also play a large role.

Generally, you'll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. And don't forget about fees and closing costs which may cost a hefty amount upfront.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. As such, you may not qualify for a refinance -- or a low rate -- if you don't have a solid credit rating.

Before applying for a refinance, you should make your application as strong as possible in order to get the best rates available. You can do that by monitoring your credit, taking on debt responsibly, and getting your finances in order before applying for a refinance. Also be sure to compare offer from multiple lenders in order to get the best rate.

When should I refinance?

In order for a refinance to make sense, you'll generally want to get a lower interest rate than your current rate. Aside from interest rates, changing your loan term is another reason to refinance. Interest rates in the past few months have been at historic lows, but that’s not the only thing you should be looking at when deciding whether to refinance.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It's helpful to have a specific goal for a refinance -- such as decreasing your monthly payment or adjusting the term of your loan. Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don't have a solid credit score, you may not qualify for the best rate. Refinancing at a lower interest rate can save you money in the long run and help you pay off your loan sooner. But a careful cost-benefit analysis is necessary to confirm that doing so makes sense.

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Refi rates on Aug. 11, 2021: Rates rise – CNET

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Multiple benchmark mortgage refinance rates ticked up today. Both 15-year fixed and 30-year fixed refinances saw their mean rates rise. At the same time, average rates for 10-year fixed refinances also made gains. Refinance interest rates are never set in stone -- but rates have been at historic lows. Because of this, right now is an optimal time for homeowners to lock in a good refinance rate. But as always, make sure to first take into account your personal goals and circumstances before you get a refinance, and talk to multiple lenders to find a lender who can best meet your needs.

30-year fixed refinance rates

The average 30-year fixed refinance rate right now is 3.04%, an increase of 10 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit more breathing room. However, interest rates for a 30-year refinance will typically be higher than rates for a 15-year or 10-year refinance. It'll also take you longer to pay off your loan.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 2.33%, an increase of 8 basis points from what we saw the previous week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. But you'll save more money over time, because you're paying off your loan quicker. 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed-rate refinance

The average 10-year fixed refinance rate right now is 2.33%, an increase of 5 basis points over last week. You'll pay more every month with a ten-year fixed refinance compared to a 30-year or 15-year refinance -- but you'll also have a lower interest rate. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure that you can afford a higher monthly payment.

Where rates are headed

We track refinance rate trends using data collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates supplied by lenders across the country:
Average refinance interest rates
Product Rate A week ago Change
30-year fixed refi 3.04% 2.94% +0.10
15-year fixed refi 2.33% 2.25% +0.08
10-year fixed refi 2.33% 2.28% +0.05

Rates as of Aug. 11, 2021.

How to shop for refinance rates

It's important to understand that the rates advertised online may not apply to you. Though current market conditions will be a factor, your particular interest rate will depend largely on your application and credit history.

Having a high credit score, low credit utilization ratio, and a history of consistent and on-time payments will generally help you get the best interest rates. To get your personalized refinance rates, you'll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. You should also take into account any fees and closing costs that might offset the potential savings of a refinance.

Since the beginning of the pandemic, a lot of lenders have been stricter stricter with who they approve for a loan. As such, you may not qualify for a refinance -- or a low rate -- if you don't have a solid credit rating.

One way to get the best refinance rates is to strengthen your borrower application. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

When to consider a mortgage refinance

Generally, it's a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It's true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner -- or for a combination of reasons? And don't forget about fees and closing costs, which can add up.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don't have a solid credit score, you may not qualify for the best rate. Refinancing can be a great move if you get a good rate or can pay off your loan sooner -- but consider carefully whether it's the right choice for you.

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