/Today’s mortgage rates fall even lower | October 16, 2020 – Fox Business

Today’s mortgage rates fall even lower | October 16, 2020 – Fox Business


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Check out the mortgage rates for October 16, 2020 which are generally trending down since last week. (iStock)

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage rates have mostly fallen since last week.


  • 30-year fixed-rate mortgages: 2.625%, down from 2.750% last week, -0.125
  • 20-year fixed-rate mortgages: 2.625%, down from 2.750% last week,  -0.125
  • 15-year fixed-rate mortgages: 2.125%, the same as last week

Rates last updated on October 16, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Overall, mortgage rates continue to hover at historic lows.

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.

Current 30-year fixed-rate mortgages

The current interest rate for a 30-year fixed-rate mortgage is 2.625%. This is down from this time last week.

Current 20-year fixed-rate mortgages

The current interest rate for a 20-year fixed-rate mortgage is 2.625%. This is down from this time last week.

Current 15-year fixed-rate mortgages

The current interest rate for a 15-year fixed-rate mortgage is 2.125%. This is the same as 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 16, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

How mortgage rates have changed

Mortgage rates have declined since yesterday.

  • 30-year fixed mortgage: 2.625%, Down -0.125
  • 20-year fixed mortgage: 2.625%, Down -0.125
  • 15-year fixed mortgage: 2.125%, Unchanging

Rates last updated on October 16, 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.

Looking at mortgage refinance rates

Today’s mortgage refinance rates remained largely unchanged since last week. Check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.000%, the same as last week 
  • 20-year fixed-rate refinance: 2.875%, the same as last week
  • 15-year fixed-rate refinance: 2.375%, the same as last week

Rates last updated on October 16, 2020. These rates are based on the assumptions shown here. Actual rates may vary.

Like mortgage rates overall, refinance rates remain down at unprecedented levels overall.

A site like Credible can be a big help when you’re ready to compare mortgage loans. Credible lets you see prequalified rates from multiple lenders all within a few minutes. Visit Credible today to get started.

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:

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