Today's mortgage rates surge for 15-year terms, while 30-year terms fall

The interest rate on a 30-year fixed-rate mortgage is 8.375% as of October 27, which is 0.250 percentage points lower than yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 7.625%, which is 0.625 percentage points higher than yesterday With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms and fees to ensure you get the best deal.

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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