What are current mortgage rates today?

Virtually anytime you borrow money, there’s a cost for the privilege. That’s no different for mortgage loans, which you rely on during the home buying process.

Mortgage rates are generally lower than interest rates from other types of debt. During the coronavirus pandemic rates have been astonishnigly low. But you may want to act fast — as those numbers can quickly change. The financial chaos already led the Federal Reserve to make emergency rate cuts twice since March.

If you're a first-time homebuyer or you simply want to better meet your financial goals, you'll probably want to consider a mortgage refinance to save more money on your monthly payments and boost your savings account. But before you make any big decisions about your home loan, here’s what you should know about mortgage rates.

What are current mortgage rates today?

Record-low mortgage rates have been the norm as of late, though those figures ticked up on July 23. Mortgage rates are changing constantly based on housing market conditions where you live and by the lender, but it’s possible to get an average rate and payment based on the U.S. market data as a whole.

On August 6, the average rate for a 30-year fixed mortgage dropped to a new record-low of 2.88%, a decrease of 0.11% from the week prior, according to Freddie Mac. The rate for a 15-year fixed mortgage also decreased slightly from 2.51% to 2.44% in the same time period.

Based on the current mortgage and refinance rates, it's still likely a good time for you to refinance. To see how much you could save on monthly payments today, crunch the numbers and compare rates using Credible's free online tool.

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