10-year, 15-year mortgage rates hold on as today's best mortgage bargains

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Check out the mortgage rates for August 19, 2021, which are largely unchanged from yesterday.

Based on data compiled by Credible, mortgage rates held steady for most repayment terms and rose incrementally for 20-year mortgages since yesterday.

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

Rates last updated on August 19, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Throughout 2021, mortgage interest rates have held at historic lows, affording buyers an opportunity for interest savings with every repayment term. Ten-year and 15-year fixed rates may be particularly appealing for buyers looking to maximize their interest savings, as rates for both terms have held at near-record lows for weeks.

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

Today’s mortgage refinance rates remained largely unchanged since yesterday, with the exception of 20-year fixed rates, which rose slightly. The average mortgage refinance rate is just 2.469%. 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: 2.750%, up from 2.625%, +0.125
15-year fixed refinance rates: 2.125%, unchanged
10-year fixed refinance rates: 2.125%, unchanged

Rates last updated on August 19, 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.

What is a good mortgage rate?

Many factors influence the mortgage rate a lender may offer you. But generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more.

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

Once you’ve chosen the home loan type that works for you, you can compare multiple lenders to truly find the best rates.

Current mortgage rates

Despite a slight bump in 20-year rates, today’s mortgage rates remain at historic lows.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.875%. This is the same as 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 2.750%. 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 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 2.125%. This is the same as 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 19, 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 the same as this time last week.

30-year fixed mortgage rates: 2.875%, the same as last week
20-year fixed mortgage rates: 2.750%, the same as last week
15-year fixed mortgage rates: 2.125%, the same as last week
10-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

Rates last updated on August 19, 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.

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

The forecast for mortgage rates in 2021

Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.

Fannie Mae researchers anticipate mortgage rates to trend slightly higher this year, citing an ongoing rise in the 10-year Treasury yield. Ultimately, though, Fannie Mae experts believe lenders will "absorb" some of the elevated costs as "refinance demand gradually wanes" — keeping rates at relatively stable levels.

Here are the predictions for how 30-year fixed rates will look for the rest of the year:

Freddie Mac

Q2 (April to June): 2.9%
Q3 (July to September): 3.0%
Q4 (October to December): 3.0%

Fannie Mae

Q2 (April to June): 2.8%
Q3 (July to September): 2.9%
Q4 (October to December): 2.9%

How accurate were their predictions?

Actual average 30-year fixed rate in Q1 (January to March): 2.877%

Freddie Mac prediction: 2.9%
Fannie Mae prediction: 2.7%

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 has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. 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.