Based on data compiled by Credible, mortgage rates for home purchases have risen for two key terms, while two others have held steady since yesterday.

Rates last updated on August 11, 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: Mortgage purchase rates have held steady for 15-year terms for the fifth day in a row, keeping the term at 6.125%. Rates for 10-year terms have also remained unchanged, and have also stayed at 6.125%. Meanwhile, rates for 20-year terms have risen by a quarter of a percentage point to 8.125%. Additionally, rates for 30-year terms have jumped by over a quarter of a percentage point to 8%. Borrowers interested in a smaller monthly payment should consider 30-year terms, as they have the lowest rate between the two longer terms. Homebuyers who would rather maximize their interest savings should consider either of today’s shorter terms, as 6.125% is today’s lowest purchase rate.

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, while three others have held steady since yesterday.

Rates last updated on August 11, 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 held steady for the second day in a row for 10-, 15-, and 30-year terms. Rates for 30-year terms have remained the day’s highest, at 6.875%. On the other hand, rates for 15-year terms have continued to stay as the day’s lowest, at 6%. Additionally, rates for 10-year terms have remained unchanged at 6.125%. Meanwhile, rates for 20-year terms have fallen by over a quarter of a percentage point to 6.5%. Homeowners looking to save the most on interest should consider 15-year terms. Borrowers who would rather refinance into a lower monthly payment should instead consider 20-year terms, as their rates are more than a quarter of a percentage point lower than 30-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.

Here are some of the most common reasons why mortgage rates move frequently:

The employment rate is an indicator of demand for mortgages. When more people are unemployed, fewer people will be looking to get a mortgage and buy a home — and that lower demand will push interest rates down. When the employment rate improves, demand for mortgages will likely keep pace. And as demand for mortgages rises, so will mortgage interest rates.

Because bonds are a lower-risk type of investment, demand for bonds can increase when investors are wary of other investment vehicles, or fearful of the overall state of the economy. Increased demand for bonds causes their price to rise and their earnings — called their yield — to fall.

When bond yields fall, consumer interest rates generally do as well, including mortgage interest rates. When investors feel more confident about the economy, demand for bonds declines, bond prices drop, and yields rise. And interest rates tend to follow.

“The Fed,” as it’s commonly called, is the United States’ central bank. But it doesn’t actually set mortgage rates. Rather, multiple things the Fed does influence mortgage rates. For example, while mortgage rates don’t mirror the Fed funds rate — the rate banks apply when lending money to each other overnight — they do tend to follow it. If that rate rises, mortgage rates typically rise in tandem.

Global banking systems and economies are closely interconnected. When economies in other parts of the world — especially Europe and Asia — experience a downturn, it affects investors and financial institutions in the United States. And, when foreign economies are doing well, they may attract more American investors — and divert those investment dollars out of the U.S. economy.

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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An antique clothing enthusiast said she sold a vintage handbag for more than $9,000 — after buying it for just $1.

“I was shocked,” Chandler West, 29, of Charlotte, North Carolina, told FOX Business about how it felt seeing the interest in her handbag during a live auction. 

“As it continued to climb, I became more and more happy and excited.”

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As the bids went up, West said, she envisioned a “little wishlist” in the back of her mind.

“I was ticking things off in my head, like, ‘OK, now I can completely pay off my credit card and have these indulgences from my mental wishlist and put a chunk into savings.’ And then as it [grew], the options [became] overwhelming, but in the best way possible.”

West, a marketing copywriter who also owns an Etsy shop called Chloris Vintage, has been in business for two years.

She said vintage clothing combines two of her favorite things: history and personal style. 

“I love imagining the lives of the women who wore the clothes before me, then breathing new life into their old things by reinterpreting them for modern wear,” she said. 

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“I love wearing ’40s nightgowns as dresses or combining different eras into a single outfit. It’s fun to build looks that feel connected to the past without looking like costumes in a historic drama, wearing old things in a new and modern way.”

West said she initially purchased the small silk bag for $1 from an online estate auction — based on one blurry photo, she said. 

“I remember mainly just thinking that it looked pretty and like it might be fairly old,” West said.

She said when the purse arrived in the mail, she thought the photos “didn’t do it justice.”

“I thought it was beautiful,” she continued. “The pattern on the silk is stunning, as is the color.” 

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When she got her hands on the bag, West said she guessed that it might have been made sometime in the Edwardian era, 1920s or 1930s. 

“Even so, it didn’t cross my mind that it could be extremely valuable,” West said. 

“I’ve handled plenty of antique bags before, but none worth more than a couple of hundred dollars. The gemstones should have tipped me off, but I just assumed they weren’t real since I’d been the only one to bid on it,” she said. 

The bag arrived with a large haul of vintage clothing — so West said she put it away and did not think about it again for a while.

“I made a mental note to research the bag in the future and then moved onto the other items I’d purchased from that auction,” she said.

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“There was a blue velvet dress from the Victorian era that honestly got a lot more of my attention than the bag at that point.” 

A year went by until West thought again about the handbag.

She researched it online and then reached out to a vintage clothing Facebook Group — and that’s when West began to realize its potential value.

“I was giggly and giddy,” West said. “I was trying not to get my hopes too high. I was screenshotting all these pictures of other Cartier bags from the ’20s that I found online that had sold for thousands of dollars and sending them, saying, ‘There’s no way mine’s worth this much, but what if?’”

She added, “It’s the kind of thing that seems too good to be true, so it takes a while to wrap your head around it and really believe what’s happening.”

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The bag turned out to be a signed and numbered 1920s Art Deco silk evening bag by Cartier, featuring a lapis lazuli, red enamel and single-cut diamond clasp — with Cartier imprinted on the clasp. 

She made the decision in February 2023 to sell it online via the Rago Arts and Auction Center, which estimated the item could fetch between $3,000 and $4,000.

“This was a really nicely preserved, very rare example of a very fancy ladies bag that was produced by Cartier in the ’20s with beautiful lapis and diamond,” Richard Wright, CEO of Rago Wright, told FOX Business. 

“So just a really exquisite little item.”

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West said she had hoped to watch the auction live with her family and friends.

But it took place on a weekday morning while she was working from her laptop.

She had the auction playing in a minimized window in the background — and she recorded her own reaction, which she later posted on TikTok, garnering over 13 million views.

“When my bag was a few lots away, I set up my camera because I wanted to record my reaction for my family and friends,” West said. 

“If you look closely in the video that went viral, you’ll see me looking over at my phone as it recorded me because I was getting all these texts saying things like, ‘This is crazy,’ and ‘How is it still going up?!’”

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The final sale price was $9,450 — but after fees, West’s total take-home was $7,500. 

Wright said the fact that the bag was signed made a “huge difference” in its value at auction.

“It was so adorable to watch because she was just so genuinely excited,” Wright said. 

“It was fantastic. To capture this genuine moment and her just absolute joy with it was so much fun,” he said. 

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“As an auctioneer, it feels so good to do that for someone like her.”

Keeping the bag did cross her mind, West said, but she was always pretty confident that she wanted to sell it. 

“I initially purchased it as inventory for my shop, so I never viewed it as something I was keeping forever,” West said. 

“Once I knew its worth, I’d be too worried about losing it or damaging it to actually use it.” 

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Wright explained that for a reseller to make such a find is not all that unusual.

“A hundred percent the treasures are out there,” Wright said. 

“This sort of thing happens in the vintage business. I don’t want to say needle in a haystack or four leaf clover, but there are some amazing stories with many more zeroes attached to them,” she said. 

“The treasures are out there.”

West’s advice for others interested in vintage clothing and accessories: Stay curious and inquisitive.

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“The more you learn, the better your eye gets,” West said. 

“And once you develop those instincts, follow them.” 

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