Today's 30-year mortgage rates stick under 2.875% for 17 straight days | August 9, 2021

Check out the mortgage rates for August 9, 2021, which are trending up from last Friday. (iStock)

Based on data compiled by Credible, mortgage rates have risen since last Friday, with the exception of 30-year rates, which remained unchanged.

  • 30-year fixed mortgage rates: 2.750%, unchanged
  • 20-year fixed mortgage rates: 2.750%, up from 2.500%, +0.250
  • 15-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125
  • 10-year fixed mortgage rates: 2.125%, up from 2.000%, +0.125

Rates last updated on August 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Today’s 30-year mortgage rates — the most common term — have held well below 2.875% for 17 days in a row, making this term a bargain for buyers purchasing a new home. Though rates for 20-year, 15-year and 10-year terms have all edged up since last Friday, mortgage rates overall continue holding at historic lows, meaning homeowners can save on interest no matter which term they choose. 

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

  • Check out mortgage refinance rates
  • Compare home purchase 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

Though today’s mortgage refinance rates are up compared to last week, homeowners who are looking to refinance can still find interest savings. Rates for a 30-year term, which are the most common, have held well below 3% for 25 consecutive days. Homeowners who can swing a higher monthly payment can still find a bargain with 15-year or 10-year rates, which are sitting at a low rate of 2.125%. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed refinance rates: 2.875%, up from 2.750%, +0.125¬†
  • 20-year fixed refinance rates: 2.750%, up from 2.500%, +0.250
  • 15-year fixed refinance rates: 2.125%, up from 2.000%, +0.125
  • 10-year fixed refinance rates: 2.125%, up from 2.000%, +0.125

Rates last updated on August 9, 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.

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:

  • Improving your credit score
  • Paying down debt
  • Making a bigger down payment

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

Average mortgage interest rates have not crossed 2.5% for 18 consecutive days. Today’s average mortgage interest rate sits at 2.438%. 

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 2.750%. This is the same as last Friday. 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 last Friday. 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 up from last Friday. 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 up from last Friday. 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 August 9, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today, mortgage rates are mostly up compared to this time last week.

  • 30-year fixed mortgage rates: 2.750%, the same as last week¬†
  • 20-year fixed mortgage rates: 2.750%, up from 2.625% last week, +0.125
  • 15-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
  • 10-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125

Rates last updated on August 9, 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.

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.

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.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during homeownership, 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 [email protected] 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.

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