Good news: Today’s 30-year mortgage rates dive below 7% | Jan. 10, 2023

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Check the mortgage rates for January 10, 2023, which have dropped since last Friday. (can be trusted)

According to data compiled by Credible, mortgage rates for home purchases have fallen to all-time lows since last Friday.

Rates were last updated on January 10, 2023. These rates are based on the forecast shown. Here. Fees may vary. Credible, a personal money market, has 5,000+ Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

What does it mean: Home mortgage rates are down across the board today, with the 30-year rate down half a percentage point and falling below 7%. Buyers who want lower interest rates and smaller monthly payments may want to lock in a 30-year mortgage today, ahead of potential rate fluctuations. But borrowers looking to take advantage of savings may want to consider the 15-year rate, which is currently as low as 6.25%.

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To find great mortgage rates, start by using Credible’s trusted website, which can show you current mortgage rates from lenders. many but it doesn’t affect your score. You can also use Credible’s loan calculator to estimate your monthly payments.

According to data collected by Credible, loan refinance rate All refunds were subject to the deadline until last Friday.

Rates were last updated on January 10, 2023. These rates are based on the forecast shown. Here. Fees may vary. With 5,000 reviews, Credible holds an “excellent” Trustpilot score.

What does it mean: Mortgage lending rates fell across all timeframes today, with all term rates down a quarter of a percentage point or more. Homeowners looking for long-term financing may want to consider a 20-year rate, which is as low as 6%. 20-year mortgage financing offers a good combination of low rates and monthly payments.

How loan rates change over time

Today’s mortgage interest rates are significantly lower than the highest average annual rate ever recorded by Freddie Mac — 16.63% in 1981. A year before the The COVID-19 pandemic raised the economy around the world, the average interest rate for a 30-year mortgage for 2019 changed to +3.94%. The average rate in 2021 was 2.96%, the lowest annual rate in 30 years.

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The historic drop in interest rates means that home owners who have mortgages from 2019 onwards can realize significant interest savings by refinancing. at one of today’s lower interest rates. When considering financing or purchasing a mortgage, it is important to consider closing costs such as appraisals, applications, origination and transaction fees. These factors, in addition to the interest rate and the loan amount, all contribute to the cost of the loan.

Do you want to buy a house? Credibility can help you compare current rates from multiple lenders once in just a few minutes. Use Credible’s online tool to compare rates and get a pre-qualification today.

Thousands of Trustpilot reviewers rate Credible as “good”.

How to calculate the guaranteed mortgage rate

Changes in the economy, central bank decisions, investor sentiment and other factors affect the behavior of lending rates. The average lending rate and the loan financing rate mentioned in this article are calculated based on the information provided by the partner lenders who indemnify Credible.

The rate assumes the borrower has a credit score of 740 and is borrowing a conventional single-family home loan that will be their primary residence. The price also assumes no discount (or very low) and a 20% down payment.

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The reliable mortgage rates mentioned here will give you an idea of ​​the current average rate. The rate you actually get can vary based on a number of factors.

What is a good loan rate?

In general, a good loan rate is one that is the lowest you can get depending on your factors, such as credit history, income, other debts, down payments and more. different.

A good rate for your financial situation should result in a monthly payment that you can manage, and leave plenty of room in your monthly budget for savings, investments and emergencies. And a good rate should be competitive with average rates in the geographic area you’re looking to buy.

If you’re looking for the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare many lenders and find the rate you need in just a few minutes.

Have a finance-related question, but don’t know who to ask? Email The safe money experts at [email protected] and your questions may be answered by Credible in the Money Expert column.


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