Today's mortgage rates continue holding firmly at historic lows | August 13, 2021

Check out the mortgage rates for August 13, 2021, which are unchanged from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates have remained unchanged since yesterday.

  • 30-year fixed mortgage rates: 2.875%, unchanged
  • 20-year fixed mortgage rates: 2.750%, unchanged
  • 15-year fixed mortgage rates: 2.125%, unchanged
  • 10-year fixed mortgage rates: 2.000%, unchanged

Rates last updated on August 13, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: With mortgage rates holding in historic low territory throughout 2021, now could still be a great time for buyers to purchase a new home and reap significant interest savings. Homebuyers who want a shorter term and can swing a higher monthly payment might find a particular bargain by financing into a 10-year term — rates for this term have stuck at 2.000% for the second day in a row.

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

With today’s 20-year refinance rates at a near-record low of 2.625%, homeowners looking to refinance into a shorter term while keeping their monthly payments manageable could find this term to be a steal. Meanwhile, 15-year and 10-year rates have held firmly at 2.125% for five consecutive days. 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: 2.625%, 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 13, 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

Mortgage rates have been holding at historic lows throughout the year. Today’s average mortgage interest rate is sitting at 2.439% for the third day in a row.

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 the same as 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 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.

Thousands of Trustpilot reviewers rate Credible "excellent".

Rates last updated on August 13, 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 2.750% last week, +0.125 
  • 20-year fixed mortgage rates: 2.750%, up from 2.500% last week, +0.250
  • 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 13, 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.

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 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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