Today's mortgage rates: 30-year rates rise to 2.875% for first time in 18 days

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Check out the mortgage rates for August 10, 2021, which are mixed from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates are a mixed bag compared to yesterday, with two key rates dropping, one rising, and one remaining unchanged.

30-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125
20-year fixed mortgage rates: 2.625%, down from 2.750%, -0.125
15-year fixed mortgage rates: 2.125%, unchanged
10-year fixed mortgage rates: 2.000%, down from 2.125%, -0.125

Rates last updated on August 10, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Today’s 30-year mortgage rates edged up to 2.875% today for the first time in 18 days — but rates for this term, which is the most common, have held well under 3% since mid-June. Meanwhile, 20-year mortgage rates dipped down to 2.625% today. Higher demand for these longer mortgage terms could be driving day-to-day fluctuations. Still, mortgage rates remain historically low overall.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

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Looking at today’s mortgage refinance rates

Today’s 20-year mortgage refinance rates dipped down to 2.625%. Though not the lowest this term has seen in August — 20-year rates previously held at 2.500% for four days before jumping up to 2.750% yesterday — homeowners who want to save on interest while keeping their monthly payments manageable could still find this term appealing. Meanwhile, rates across 30-year, 15-year, and 10-year terms remained unchanged since yesterday. If you’re considering refinancing an existing home, check out what refinance rates look like:

30-year fixed refinance rates: 2.875%, unchanged
20-year fixed refinance rates: 2.625%, down from 2.750%, -0.125
15-year fixed refinance rates: 2.125%, unchanged
10-year fixed refinance rates: 2.125%, unchanged

Rates last updated on August 10, 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.

Factors that influence mortgage rates (and are in your control)

Many factors affect what mortgage interest rate you can qualify for, and some of them are within your control. Improving these factors could help you qualify for a lower interest rate.

Credit score: Generally, the lowest interest rates go to borrowers with the highest credit scores. Improving your credit score before you apply for a mortgage could help you secure a lower interest rate than you would get with a lower credit score.
Debt-to-income ratio: DTI is a percentage that compares your total debts with your income. To calculate DTI, divide your monthly gross income by the total of all your monthly minimum debt payments. A higher DTI can be a sign that you might struggle to make a mortgage payment. A lower DTI tells lenders you have more available income to put toward a mortgage payment. Generally, lenders prefer a DTI of 35% or less.
Down payment amount: A down payment reduces the amount you have to borrow — meaning less of the lender’s money is at risk. Generally, lenders (and many sellers) look favorably on a higher down payment amount. If you put down less than 20% of the home’s purchase price, many lenders will require you to pay for private mortgage insurance, which protects the lender (not you) if you fail to repay the mortgage.
Home location/price: Interest rates can vary depending on what state you live in and where in the state you’re buying. Likewise, if you need to borrow a lot more than average (a jumbo loan) or very little, you may get a higher interest rate.
Repayment term: Historically, the longer a loan’s repayment period, the higher the interest rate. The lowest rates typically come with 10- or 15-year terms, while 30-year terms usually have the highest interest rates. If you can swing the larger monthly payment that comes with a shorter term, you could snag a lower interest rate and significant interest savings over the life of the loan.

Current mortgage rates

Today’s average mortgage interest rate is 2.406%, and interest rates have stuck below 5% for 19 days in a row.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.875%. This is up from 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 2.625%. This is down from 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 2.125%. 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 2.000%. This is down 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.

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Rates last updated on August 10, 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 up compared to this time last week.

30-year fixed mortgage rates: 2.875%, up from 2.625% last week, +0.250
20-year fixed mortgage rates: 2.625%, up from 2.500% last week, +0.125
15-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
10-year fixed mortgage rates: 2.000%, the same as last week

Rates last updated on August 10, 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.

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What are mortgage points?

To understand what mortgage points are and how they work, it’s helpful to keep in mind that charging interest is the main way lenders make money. When you get a low interest rate, and pay less interest, your lender makes less money off your mortgage than they would if they charged you a higher interest rate.

Points — also called discount points — are a way for lenders to make money while still giving you a lower interest rate. Points are upfront charges you pay at closing in exchange for a lower interest rate. They increase your closing costs but can lower your interest expense over the life of the loan.

Generally, one point is equal to 1% of the loan amount, although that can vary. How much each point will lower your interest rate depends on the lender, the type of mortgage, and the mortgage market in the area where you’re buying.

Here’s an example of how mortgage points can work.

You apply for a $200,000 mortgage at 4% interest
Your lender charges you two discount points
Each point is equal to 1% of your loan amount and lowers your interest rate by 0.25%
You pay your lender $4,000 at closing
Your lender reduces your interest rate by 0.50% to 3%

Points may be a good option if you know you’re going to be in your home for a long time and will be able to recoup the extra closing costs and enjoy the interest savings. Points may also be a way to get a lower interest rate if your credit isn’t strong enough to qualify for a low rate.

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 lenders, 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 moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.