Savings window opens: Today’s 30-year mortgage rates fall to their lowest in 26 days | March 13, 2023

Our goal here at Credible Operations, Inc., NMLS number 1681276, hereinafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote products from our partner lenders that reward us for our services, all opinions are our own.

Check out the mortgage rates for March 13, 2023, down since last Friday. (credible)

Based on data compiled by Credible, home purchase mortgage rates have fallen across all maturities since last Friday.

Prices were last updated on March 13, 2023. These prices are based on the assumptions shown Here. Actual prices may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What that means: Homebuyer mortgage rates slumped across all maturities over the weekend, with 30-year rates falling to a 26-day low. Buyers who want a low interest rate and lower monthly payment may want to take out a 30-year mortgage today, ahead of any likely interest rate fluctuations. But borrowers looking to take advantage of interest savings might want to consider 15-year rates, which are currently the lowest available at 5.75%.

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 credibles mortgage calculator to estimate your monthly mortgage payments.

Based on data compiled by Credible, Mortgage Refinance Rates have fallen in all terms since last Friday.

Prices were last updated on March 13, 2023. These prices are based on the assumptions shown Here. Actual prices may vary. With 5,000 reviews, Credible gets an “excellent” Trustpilot rating.

What that means: Mortgage refinance rates fell across all repayment terms over the weekend, giving homeowners an opportunity to save on interest. Homeowners looking to refinance into a longer payback period have the opportunity today to lock in a 20-year rate below 6%. A 20-year term offers the desirable mix of a low rate and smaller monthly payments.

How mortgage rates have changed over time

Mortgage rates today are well below the highest annual average rate recorded by Freddie Mac of 16.63% in 1981, down from 3.94% in 2019. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners with mortgages dating back to 2019 and older could potentially make significant interest savings by refinancing at one of today’s lower interest rates. When considering a mortgage refinance or purchase, it’s important to consider closing costs such as appraisal, application, origination, and attorney fees. These factors, along with the interest rate and loan amount, contribute to the cost of a mortgage.

How credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors affect the movement of mortgage rates. Credible Average Mortgage Rates and Mortgage Refinance Rates presented in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The interest rates assume a borrower has a credit score of 740 and borrows a conventional loan on a single-family home that will be their primary residence. The rates also require no (or very little) discount points and a 20% deposit.

The credible mortgage rates reported here only give you an idea of ​​the current average rates. The actual rate received may vary based on various factors.

Can I get a bad credit mortgage?

Credit scores are a snapshot of your credit history and typically range from 300 to 850. FICO, a widely used credit scoring model, breaks down credit scores as follows:

  • Poor: 579 or less
  • Just: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Unusual: 800 or more

To qualify for a conventional loan β€” one that isn’t backed by any government agency β€” you typically need a fair credit score of at least 620. However, it’s possible to qualify for FHA loans that are insured by the Federal Housing Administration, but it’s bad Credit score of only 500.

And Veterans Administration loans intended for veterans, active-duty members and their spouses do not have minimum credit requirements. USDA loans, which help very low-income Americans shop in certain rural areas, also have no minimum credit requirements.

When trying to find the right mortgage rate, consider using Credible. You can Use Credible’s free online tool Easily compare multiple lenders and view pre-qualified rates in just minutes.

Do you have a financial question but don’t know who to contact? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert section.

Leave a Reply

Your email address will not be published. Required fields are marked *