Today’s 20-year mortgage continues to offer the best investment opportunity | Jan. 19, 2023

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Check mortgage rates for January 19, 2023, which are largely unchanged from yesterday. (Trustworthy)

According to data compiled by Credible, mortgage rates for home purchases have risen for one key period and remained stable for three other periods since yesterday.

Update price results on Jan. 19, 2023. Ratings are subject to feedback. here. Actual prices may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews and a star rating of 4.7 (out of a possible 5.0).

This means: Mortgage rates for home purchases have been largely flat since yesterday, with the exception of the 10-year, which rose. Home buyers who want to save more interest may want to consider the 20-year term. Rates for a 20-year mortgage are the lowest available at 6.125% and are more than a quarter point lower than 30-year rates.

To find great mortgage rates for free, start by using the credit rating website Credible, which can show you current mortgage rates from many people. get credit without affecting your credit score. You can also use Credible’s mortgage calculator your monthly mortgage is calculated.

Based on data compiled by Credible, mortgage refinancing rates it’s been down on all levels since yesterday.

Update price results on Jan. 19, 2023. Ratings are subject to feedback. here. Actual prices may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

This means: Mortgage refinancing rates fell across the board today, with a 20-year drop below 6%. Homeowners looking to refinance over the long term may want to lock in a 20-year rate now, ahead of inflation. Homeowners who want to make home improvements can save more in interest with a refinance than by financing those improvements with credit cards or loans. of the individual.

How mortgage rates change over time

Today’s mortgage rates are well below the highest annual rate recorded by Freddie Mac – 16.63% in 1981. The year before the bankruptcy. In the COVID-19 economic crisis around the world, the average interest rate for a fixed-term mortgage is 30 years. 2019 is 3.94%. The average rate for 2021 is 2.96%, the lowest rate in 30 years.

Historically low interest rates mean that homeowners with mortgages from 2019 and older may be able to save a lot of interest by refinancing. Financing is one of the lowest interest rates today. When considering a mortgage refinance or purchase, it’s important to consider transaction costs such as appraisal, application, origination and attorney fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

How Credible mortgage rates are calculated

Changes in economic conditions, central bank policy decisions, investor sentiment and other factors affect the movement of mortgage rates. The mortgage credit rates and mortgage refinance rates reported in this article are based on information provided by the lenders that pay the bills. the award to Credible.

The rates assume that a borrower with a 740 credit score and borrowing a standard home loan will be their primary home. Rates also assume no (or very low) down payment and a 20% down payment.

The reliable mortgage rates shown here are only an estimate of current rates. The rate you actually get can vary depending on a number of factors.

How do I choose a mortgage lender?

A mortgage is likely to be the biggest debt you will ever incur in your life – a debt that will take years to repay. So it is very important to make sure that you choose a mortgage and mortgage that is suitable for your needs and financial situation.

Here are some tips to help you choose a mortgage:

  1. Home comparison. Compare rates and terms from multiple lenders. Just as you compare prices for non-essential purchases, you should compare offers from multiple lenders. A Freddie Mac research find that adding just one quote to your mortgage application can save you $1,500 over the life of a loan. Adding a handle can save you about $3,000. Trusted makes it easy to compare your mortgage rates from multiple lenders.
  2. Consider a mortgage broker. Mortgage brokers can do the work for you when it comes to finding a loan. But be aware that mortgage brokers usually make money by charging a small percentage of the loan for their services.
  3. Use links. Explore mortgage offers from banks and financial institutions you already do business with. Honesty and familiarity can serve you well in negotiating a good mortgage.
  4. Look for references. Ask friends, family, co-workers and neighbors for references, and about their experiences with different lenders.

If you’re trying to find the right mortgage rate, consider using Credible. Can you use Credible’s free online tool it’s easy to compare multiple lenders and see preliminary rates in minutes.

Have a financial question, but don’t know who to ask? Email The Credible Money Expert at and your question may be answered by Credible in our Goodbye Money column.

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