Steady lows hold across today's mortgage and mortgage refinance rates | Dec. 28, 2021

Check out the mortgage and mortgage refinance rates for Dec. 28, 2021, which are largely unchanged from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates remained largely unchanged since yesterday, with the exception of 10-year rates, which edged up.

  • 30-year fixed mortgage rates: 3.190%, unchanged
  • 20-year fixed mortgage rates: 2.875%, unchanged
  • 15-year fixed mortgage rates: 2.250%, unchanged
  • 10-year fixed mortgage rates: 2.250%, up from 2.125%, +0.125

Rates last updated on Dec. 28, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: While rates for the least common mortgage repayment term edged up slightly since yesterday, rates for longer terms — including the most popular 30-year term — continued to hold steady. Homebuyers willing to lock in a mortgage rate during the holiday season could stand to secure a money-saving rate ahead of increases predicted for 2022.

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:

  • 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).

Looking at today’s mortgage refinance rates

Today’s mortgage refinance rates also remained largely unchanged since yesterday, with the exception of 15-year fixed-rate refinance mortgages, which rose slightly. Homeowners looking to reduce interest costs over the life of their mortgages may find significant savings with one of today’s mortgage refinance rates. Although rates have been edging up in the last quarter of 2021, refinance rates still remain significantly lower than pre-pandemic mortgage interest rates. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed refinance rates: 3.190%, unchanged
  • 20-year fixed refinance rates: 2.875%, unchanged
  • 15-year fixed refinance rates: 2.375%, up from 2.250%, +0.125
  • 10-year fixed refinance rates: 2.250%, unchanged

Rates last updated on Dec. 28, 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.

What is a good mortgage rate?

Many factors influence the mortgage rate a lender may offer you. But generally, a good mortgage rate is one that’s 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 result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

Once you’ve chosen the home loan type that works for you, you can compare multiple lenders to truly find the best rates.

Current mortgage rates

The average rate for purchase mortgages is 2.641% across all repayment terms. This is near the low for December — the average dropped to its lowest on Dec. 2 when it was 2.563%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.190%. 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 2.250%. 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 up from 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 Dec. 28, 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.

How mortgage rates have changed

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

  • 30-year fixed mortgage rates: 3.190%, up from 3.125% last week, +0.065
  • 20-year fixed mortgage rates: 2.875%, the same as last week
  • 15-year fixed mortgage rates: 2.250%, the same as last week
  • 10-year fixed mortgage rates: 2.250%, the same as last week

Rates last updated on Dec. 28, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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.

Is now a good time to refinance?

Mortgage refinance rates have been at historic lows all year. It’s unlikely they’ll go much lower and extremely possible they’ll begin to rise in coming months. But low rates aren’t the only factors that determine whether now is a good time for you to refinance your home loan.

Everyone’s situation is different, but generally it may be a good time to refinance if …

  • You’ll be able to get a lower interest rate than you currently have.
  • Refinancing will save you money over the life of your home loan.
  • Your savings from refinancing will ultimately exceed closing costs.
  • You know you’ll be staying in your home long enough to recoup the costs of refinancing.
  • You have sufficient equity in your home to avoid private mortgage insurance (PMI).

If your home needs significant, costly repairs it might be a good time to refinance in order to withdraw some equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take from your home in a cash-out refinance. 

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 [email protected] 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.

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