Today’s Mortgage Rates: 30-Year Rate Drop | May 2, 2022
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Based on data compiled by Credible, mortgage refinance rate have risen for three key terms and fallen for another term since last Friday.
Rates last updated on May 2, 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 30-year terms fell today, while rates for three other terms rose. With longer terms holding steady above 5%, homeowners looking to refinance might consider shorter terms for greater interest savings, ahead of future increases.
Today’s Mortgage Rates for Buying a Home
Based on data compiled by Credible, mortgage rates for home purchases have risen for two key terms and fallen for another term since last Friday.
Rates last updated on May 2, 2022. These rates are based on the assumptions presented here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).
What does that mean: Most popular 30-year mortgage rates fell today, giving buyers the chance to lock in a slightly lower rate. Buyers who can make a higher monthly payment can consider locking in a rate for 10 years. At 4.375%, a 10-year rate can offer buyers even more interest savings than a longer-term rate.
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.
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 or refinance, 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.
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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 get low mortgage rates
If you want to get the lowest possible monthly mortgage payment, the following steps can help you get a lower rate on your home loan:
It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research by Freddie Macborrowers can save an average of $1,500 over the term of their loan by purchasing just one additional rate quote — and an average of $3,000 by comparing five rate quotes.
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 firstname.lastname@example.org and your question may be answered by Credible in our Money Expert section.
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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