Based on data compiled by Credible, mortgage rates for home purchases have remained unchanged for all key terms.

Rates last updated on August 17, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What this means: For the fourth day in a row, mortgage purchase rates for 10-, 20-, and 30-year terms have remained unchanged. Rates for 20- and 30-year terms have stayed the same at 8.125%, while rates for 10-year terms have remained at 6.375%. Meanwhile, rates for 15-year terms have remained at 6.25% for the second day in a row. Borrowers looking to maximize their interest savings should consider 15-year terms, as 6.25% is today’s lowest purchase rate. Homebuyers who would rather have a smaller monthly payment should instead consider either of today’s longer terms.

To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.

Based on data compiled by Credible, mortgage refinance rates have fallen for one key term and risen for two others, while another has remained unchanged since yesterday.

Rates last updated on August 18, 2023. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What this means: Mortgage refinance rates have continued to remain unchanged for 20-year terms, which are at 7.125%. Meanwhile, rates for 30-year terms have jumped slightly to join 20-year terms at 7.125%. Rates for 15-year terms have risen by a half of a percentage point, to 6.875%, while 10-year terms dropped slightly to 6.25%. Homebuyers interested in refinancing into a lower monthly payment should consider either of today’s longer terms. Borrowers who would rather save the most on interest should instead consider 10-year terms.

Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. When considering a mortgage or refinance, it’s important to take into account closing costs such as appraisal, application, origination and attorney’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage. 

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 700 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage rates reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.

Many factors affect what mortgage interest rate you can qualify for, and some of them are within your control. Improving these factors could help you qualify for a lower interest rate. 

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.

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

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Costco is recalling 350,000 portable phone chargers after several reports surfaced of it catching fire, including on a commercial flight. 

The Ubio Labs power banks, which were sold at Costco stores nationwide and online, “can overheat and ignite, posing a fire hazard,” according to a notice from the Consumer Product Safety Comission (CPSC).

Consumers who have purchased the recalled power banks are urged to “immediately” stop using it, according to a notice from the CPSC. 

DEHUMIDIFIERS RECALLED AFTER REPORTS OF MACHINES CATCHING FIRE, CAUSING PROPERTY DAMAGE

The product was available at Costco in either a pack of one or a pack of two from September 2018 through December 2020. 

The recall was issued after Costco received three reports of the devices catching fire. In one instance, the device reportedly caught fire on a flight. The CPSC said there have been four reports of smoke inhalation and one report of a minor burn injury to passengers on the flight. 

ABOUT 2.2. MILLION CANDLES SOLD BY TARGET ARE RECALLED

Ubio Labs is no longer in business. Consumers who have the recalled product should contact Costco for a full refund. 

Costco has also reached out to “all known purchasers directly,” according to the notice. 

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Consumers can find the recalled model number PWB1071 printed on the back. The Costco item number is also printed on the package. 

The item number for the recalled single pack is 1314518, and the item number for the recalled two-pack is 1265470, according to the notice. 

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