Today's mortgage rates stay historically low overall, with one rate ticking upward | October 22, 2020

By Chris Jennings
Published  October 22, 2020 9:41am PDT
Sponsored by Credible, which is majority owned by our parent, Fox Corporation. Credible is solely responsible for its services.

Check out the mortgage rates for October 22, 2020, which are mostly unchanged from last week.

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage rates are largely unchanged from this time last week, though rates for 15-year fixed rate mortgages have risen slightly.

  • 30-year fixed-rate mortgages: 2.750%, the same as last week
  • 20-year fixed-rate mortgages: 2.750%, the same as last week
  • 15-year fixed-rate mortgages: 2.250%, up from 2.125%, +0.125

Rates last updated on October 22, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

To find the best mortgage rate, start by using Credible. Credible can show you current mortgage rates from multiple lenders and help you make an informed decision regarding your home loan.

Looking at today’s mortgage refinance rates

Today’s mortgage refinance rates are mixed compared to this time last week, with rates for 30-year fixed-rate refinance declining while those for 20-year and 15-year fixed rate refinance moved up.

  • 30-year fixed-rate refinance: 2.875%, down from 3.000% last week, -0.125 
  • 20-year fixed-rate refinance: 3.000%, up from 2.875% last week, +0.125
  • 15-year fixed-rate refinance: 2.625%, up from 2.375% last week, +0.25

Rates last updated on October 22, 2020. 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 from multiple lenders all within a few minutes. Visit Credible today to get started.

Current mortgage rates

Though individual rates fluctuate from day to day, mortgage rates overall continue to hover at historical lows.

Current 30-year fixed-rate mortgages

The current interest rate for a 30-year fixed-rate mortgage is 2.750%. This is the same as this time last week. 

Current 20-year fixed-rate mortgages

The current interest rate for a 20-year fixed-rate mortgage is 2.750%. This is the same as this time last week. 

Current 15-year fixed-rate mortgages

The current interest rate for a 15-year fixed-rate mortgage is 2.250%. This is up from this time last week. 

You can explore your mortgage options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

Rates last updated on October 22, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Today, mortgage rates are unchanged compared to yesterday:

  • 30-year fixed-rate mortgages: 2.750%, Unchanging
  • 20-year fixed-rate mortgages: 2.750%, Unchanging
  • 15-year fixed-rate mortgages: 2.250%, Unchanging

Rates last updated on October 22, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right mortgage rate, 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.

The factors behind today’s mortgage rates

Current mortgage 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.

Larger economic factors

  • Strength of the economy
  • Inflation rates
  • Employment
  • Consumer spending
  • Housing construction and other market conditions
  • Stock and bond markets
  • 10-year Treasury yields
  • Federal Reserve policies

Personal economic factors

  • Credit score
  • Credit history
  • Down payment size
  • Loan-to-value ratio
  • Loan size, type, and term
  • Debt-to-income ratio
  • Location of the property

How to get your lowest mortgage rate

If you want the best mortgage rate, improving your credit score and paying down any other debt could secure you a lower rate. It’s also a good idea to compare rates from different lenders to find the best rate for your situation. 

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, according to research from Freddie Mac. 

Credible can help you compare multiple mortgage lenders at once in just a few minutes. Use Credible’s online tools and get prequalified today.

Mortgage rates by loan type

Whether you’re looking for a 30- or 15-year mortgage or want to refinance, Credible can help you find the right mortgage for your situation: