Today’s best mortgage deal? Lowest 15-Year Rates Available | December 27, 2022

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Check out the mortgage rates for December 27, 2022, which have been trending higher since last Thursday. (Credible)

According to data compiled by Credible, mortgage rates for home purchases have increased since last Thursday.

Rates last updated on December 27, 2022. These rates are based on the assumptions shown here. Actual fees may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of 5.0).

What does this mean: Rates have gone up for all fixed-rate home loans. Rates on 10-year loans have risen the most, almost half a percentage point, while rates on 30-year loans have risen about a quarter point. The rates at 20 and 15 years are the ones that have risen the least, one eighth of a point each. Buyers looking to save the most on interest can consider a 15-year loan, which has the lowest rate available at 5.5%.

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 mortgage calculator to estimate your monthly mortgage payments.

Based on data collected by Credible, mortgage refinancing rates They have gone up since last Thursday.

Rates last updated on December 27, 2022. These rates are based on the assumptions shown here. Actual fees may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What does this mean: Fixed-rate refinance rates have risen across the board, though none by more than a half point. 20-year and 15-year rates rose the least by an eighth of a point, followed by 30-year rates that rose by just over a quarter of a point. 10-year rates rose the most by almost half a point. Homeowners who want to refinance at the lowest interest rate can opt for a 15-year loan with a rate of 5.5%.

How Mortgage Rates Have Changed Over Time

Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac: 16.63% in 1981. A year before the COVID-19 pandemic upended 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 30 years.

The historic drop in interest rates means that homeowners with 2019 and prior mortgages could potentially realize significant interest savings by refinancing at one of the lowest interest rates today. When considering a mortgage or refinancing, it’s important to consider closing costs such as appraisal, application, origination, and attorney’s fees. These factors, in addition to the interest rate and loan amount, 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 at a time in just a few minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible “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. Credible’s average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

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

The credible mortgage rates reported here will only give you an idea of ​​current average rates. The rate you actually receive can vary based on a number of factors.

Factors That Influence Mortgage Rates (And Are Out Of Your Control)

Many factors influence the interest rate that a lender can offer you. Some, like your credit score, are in your control. But others that it does not have the ability to affect, such as:

  • The economy – During financial downturns, the Federal Reserve may lower interest rates to try to stimulate the economy. And when the economy is doing well, interest rates can go up.
  • Inflation Interest rates tend to move with inflation. When the total cost of goods and services increases, interest rates are likely to increase as well.
  • the federal reserve The Fed can choose to lower interest rates to stimulate a struggling economy, or raise rates in an attempt to curb inflation.
  • Employment macrotrends When many people are out of work, as was the case during the pandemic lockdown months, mortgage rates can drop. As employment increases, interest rates generally increase as well.

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 view pre-qualified rates in just a few minutes.

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

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics including home loans, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured on MSN, AOL, Yahoo Finance and more.

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