The savings window opens: 30- and 20-year mortgage rates drop slightly

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Check out mortgage rates for July 1, 2022, which have been mixed since yesterday. (Credible)

According to data compiled by Credible, mortgage rates for home purchases fell for two key terms, rose for one term and were flat for one term since yesterday.

Rates last updated on July 1, 2022. These rates are based on the assumptions presented here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

What does that mean: Mortgage rates for 20 and 30 year terms fell slightly today, giving buyers the opportunity to save on interest. But longer-term rates, which tend to be the most popular, remain above 5%. With rates for 10- and 15-year loans half a percentage point lower than 30-year loans, borrowers who can handle a higher monthly payment are likely to see the most interest savings. with a shorter term mortgage.

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’s mortgage calculator to estimate your monthly mortgage payments.

Today’s Mortgage Refinance Rates


Based on data compiled by Credible, mortgage refinance rate fell for three key terms and rose for another term since yesterday.

Rates last updated on July 1, 2022. These rates are based on the assumptions presented here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What does that mean: Rates for a 30-year mortgage refinance rose slightly today, while rates for all other terms fell slightly. Rates for 10- and 15-year terms are one percentage point lower than 30-year terms, meaning homeowners looking to refinance can consider a shorter term for greater interest savings . Mortgage refinance rates can fluctuate from day to day, so homeowners may want to act today to lock in a lower rate ahead of future increases.

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 mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.

The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates. When considering a mortgage refinance or purchase, 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, all 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 both in minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible as “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 shown in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

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

The credible mortgage rates listed here will only give you an idea of ​​today’s average rates. The rate you actually receive may vary based on a number of factors.

How to choose a mortgage lender?

A mortgage is probably the biggest debt you will ever take on in life, a debt that will take decades to pay off. It is therefore essential to ensure that you choose a mortgage lender and mortgage that best suits your needs and financial situation.

Here are some tips to help you choose a mortgage lender:

  1. Comparison store. Compare rates and terms from multiple lenders. Just as you compare purchases for smaller purchases, you should compare offers from multiple lenders. A Freddie Mac study found that adding just one quote to your mortgage search could save you $1,500 over the life of a loan. Adding five could save you around $3,000. Credible makes it easy to compare your prequalified rates with multiple lenders.
  2. Consider a mortgage broker. Mortgage brokers can do the work for you when it comes to finding a loan deal. But be aware that mortgage brokers usually make money by charging a small percentage of the loan for their services.
  3. Leverage relationships. Explore mortgage offers from banks and financial institutions you already do business with. Loyalty and familiarity can work in your favor when negotiating a good mortgage deal.
  4. Look for references. Ask friends, family, co-workers and neighbors to recommend you and talk about their experiences with different lenders.

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 see pre-qualified rates in just minutes.

Do you have a financial question, but you don’t know who to contact? 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 like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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