Source: Fox Business —
Based on data compiled by Credible, mortgage rates for home purchases have risen across all terms since last Friday.
- 30-year fixed mortgage rates: 6.625%, up from 6.500%, +0.125
- 20-year fixed mortgage rates: 6.500%, up from 6.125%, +0.375
- 15-year fixed mortgage rates: 6.375%, up from 6.250%, +0.125
- 10-year fixed mortgage rates: 6.625%, up from 6.500%, +0.125
Rates last updated on Jan. 17, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
What this means: Homebuyers seeking greater interest savings should consider a mid-length term today: Rates for 15-year terms are sitting at 6.375%, which is a quarter point lower than rates for 10- and 30-year terms. Shorter terms do come with a higher monthly payment, but they offer the most interest savings and allow buyers to pay off their mortgages much sooner.
To find great mortgage rates, start by using Credible’s secured 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 your monthly mortgage payments.
