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Today’s mortgage rates fall for 30-year terms, while 15-year rates rise

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Mortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.

The interest rate on a 30-year fixed-rate mortgage is 8.000% as of October 16, which is 0.500 percentage points lower than what it was on Friday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 7.625%, which is 0.875 percentage points higher than it was on Friday. With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan.

You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments. Mortgage lenders typically determine the interest rate on a case-by-case basis. Generally, they reserve the lowest rates for low-risk borrowers — that is, those with a higher credit score, income, and down payment amount.

 

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