30-year mortgage rates top 4%: Look to shorter repayment terms for deals | Feb. 11, 2022

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Check out the mortgage rates for Feb. 11, 2022, which are trending up from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have risen since yesterday, with 30-year and 20-year rates breaking 4% for the first time since May 2019. Experts have been predicting 30-year mortgage rates would reach 4% in 2022, but today’s increases don’t necessarily mean rates will stay at this level all year. Day-to-day incremental movement is common in mortgage rates, so buyers should comparison shop for the best available rate and lock in a mortgage rate when they find a bargain.

  • 30-year fixed mortgage rates: 4.125%, up from 3.750%, +0.375
  • 20-year fixed mortgage rates: 4.000%, up from 3.500%, +0.500
  • 15-year fixed mortgage rates: 3.250%, up from 3.000%, +0.250
  • 10-year fixed mortgage rates: 3.250%, up from 2.990%, +0.260

Rates last updated on Feb. 11, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Buyers who’ve been holding off locking in a mortgage rate may find their best route to savings today in a shorter repayment term. While 30-year and 20-year mortgage interest rates surged, gains in 15-year and 10-year rates haven’t pushed those repayment terms out of bargain territory yet. 

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These rates are based on the assumptions shown here. Actual rates may vary.

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.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

Looking at today’s mortgage refinance rates

After holding steady for two consecutive days, mortgage refinance rates surged up for all repayment terms. Still, interest rates for shorter repayment terms linger in bargain territory, near or below pre-pandemic mortgage rates. Homeowners who want to lock in a rate today, may still be able to find a deal by comparison shopping and looking to a shorter repayment term. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 4.125%, up from 3.750%, +0.375
  • 20-year fixed-rate refinance: 4.000%, up from 3.500%, +0.500
  • 15-year fixed-rate refinance: 3.375%, up from 3.125%, +0.250
  • 10-year fixed-rate refinance: 3.250%, up from 2.990%, +0.260

Rates last updated on Feb. 11, 2022. 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.

How to get low mortgage rates

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure 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 from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes. 

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current mortgage rates

Today’s average mortgage interest rate across all repayment terms sits at 3.656%, the highest it’s been since Credible started reporting mortgage rate data in October 2020.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 4.125%. 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 4.000%. This is up 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 3.250%. This is up from 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 3.250%. This is up 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.

Thousands of Trustpilot reviewers rate Credible "excellent."

Rates last updated on Feb. 11, 2022. 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 up compared to this time last week.

  • 30-year fixed mortgage rates: 4.125%, up from 3.750% last week, +0.375
  • 20-year fixed mortgage rates: 4.000%, up from 3.250% last week, +0.750
  • 15-year fixed mortgage rates: 3.250%, up from 2.875% last week, +0.375
  • 10-year fixed mortgage rates: 3.250%, up from 2.875% last week, +0.375

Rates last updated on Feb. 11, 2022. 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.

With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

Factors that influence mortgage rates (and are out of your control)

Many factors influence the interest rate a lender may offer you. Some — such as your credit score — are in your control. But others you have no ability to affect, such as:

  • The economy — During financial downturns, the Fed may lower interest rates to try to stimulate the economy. And when the economy is doing well, interest rates can rise.
  • Inflation — Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to rise.
  • The Federal Reserve — The Fed may choose to lower interest rates to stimulate a struggling economy, or raise rates in an attempt to put the brakes on inflation.
  • Macro employment trends — When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates may fall. As employment increases, interest rates typically also increase.

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 insurers, 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.

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