Today’s Mortgage and Refinance Rate: October 22, 2021

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Conventional mortgage rates are a little higher today than they were last Friday. Adjustable rates were much higher than fixed rates for most of 2020 and 2021, but have become more competitive over the past six weeks or so.

“We have seen the Treasury yield curve steepen over the past year, which generally favors shorter term mortgages over longer term,” Robert Heck, vice president, told Insider mortgages at Morty. “This means that compared to a year ago, ARMs and 15-year fixed rate mortgages have become more attractive to investors compared to 30-year fixed rate loans. This investor appetite probably contributed to part of the improvement in ARM rates. in 2021, as well as the significant impact of the stabilization of the economy. “

Adjustable rates will likely continue to be good options if the US economy continues to improve.

Current mortgage rates

Money.com conventional rates; RedVentures government guaranteed rates.

Current refinancing rates

Money.com conventional rates; RedVentures government guaranteed rates.

How mortgage rates have changed

Mortgage rate trends

Money.com conventional rates; RedVentures government guaranteed rates.

Trends in refinancing rates

Money.com conventional rates; RedVentures government guaranteed rates.

Frequently Asked Questions

What is a mortgage rate?

A mortgage interest rate is a commission for borrowing money from a lender, expressed as a percentage. For example, you can take out a mortgage loan for $ 200,000 with an interest rate of 2.75%. You will repay the interest in addition to the amount borrowed, so you will repay more than $ 200,000.

How are mortgage rates determined?

In general, mortgage rates tend to be high when the US economy is booming and low when it is struggling. Mortgage rates have been at their lowest as the coronavirus pandemic hits the country.

There are, however, factors that you can control. The stronger your finances, the lower your rate is likely to be. You can get a better rate with a good credit score, a low debt-to-income ratio, and a substantial down payment.

How do I find personalized mortgage rates?

Some mortgage lenders allow you to customize your mortgage rate on their websites by entering your down payment amount, zip code, and credit score. The resulting rate isn’t set in stone, but it can give you an idea of ​​what you’ll pay.

If you are ready to start buying homes, you can apply for pre-approval from a lender. The lender performs a difficult credit search and examines your financial details to lock in a mortgage rate.

How do you compare mortgage rates between lenders?

You can apply for a prequalification from several lenders. A lender looks at your finances in general and gives you an estimate of the rate you will pay.

If you are further along in the home buying process, you have the option of seeking pre-approval from multiple lenders, not just one company. Your mortgage rate is locked in for a fixed term when you are pre-approved. By receiving letters from more than one lender, you can compare personalized rates.

Applying for pre-approval requires a strong credit application. Try to apply to multiple lenders within a few weeks, as consolidating all of your hard credits in the same amount of time will hurt your credit score less.

When should I lock in a mortgage rate?

You’ll probably want to get pre-approved and set a rate once you’re ready to actively buy homes. Most lenders freeze your rate for 60 to 90 days when they pre-approve you.


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