Today's mortgage rates begin to rise, but 15-year terms are still low | May 15, 2023

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Check out the mortgage rates for May 15, 2023, which are trending up from Friday. (Credible)

Based on data compiled by Credible, mortgage rates for home purchases have risen for three key terms and fallen for another since Friday.

• 30-year fixed mortgage rates: 6.500%, up from 6.375%, +0.125
• 20-year fixed mortgage rates: 5.875%, down from 6.125%, -0.250
• 15-year fixed mortgage rates: 5.625%, up from 5.375%, +0.250
• 10-year fixed mortgage rates: 5.625%, up from 5.375%, +0.250

Rates last updated on May 15, 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 rates have fallen by a quarter of a percentage point for 20-year terms, to 5.875%. Meanwhile, rates for 30-year mortgage terms have edged up to 6.5%. Additionally, both 10- and 15-year terms have climbed up by a quarter of a percentage point to hit today’s lowest rate, 5.625%. Borrowers looking to maximize interest savings should consider either 10- or 15-year terms. Homebuyers who would rather have a smaller monthly payment should instead consider 20-year terms, as their rates are over a half of a percentage point lower than those of 30-year 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 risen across all key terms since Friday.

• 30-year fixed-rate refinance: 5.990%, up from 5.875%, +0.115
• 20-year fixed-rate refinance: 5.750%, up from 5.500%, +0.250
• 15-year fixed-rate refinance: 5.375%, up from 5.250%, +0.125
• 10-year fixed-rate refinance: 5.625%, up from 5.250%, +0.375

Rates last updated on May 15, 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 risen across all key terms. Rates for 30-year terms have only edged up to 5.99%. Rates for 15-year terms have also increased slightly, hitting today’s lowest rate of 5.375%. Rates for 20-year terms have jumped up a quarter of a percentage point to 5.75%, while rates for 10-year terms have increased over a quarter of a percentage point to 5.625%. Homeowners looking to refinance into a smaller monthly payment should consider 20-year terms over 30-year terms, as their rates are a quarter of a percentage point lower. Borrowers who would rather maximize their monthly payment should consider 15-year terms.

How mortgage rates have changed over time

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. 

How Credible mortgage rates are calculated

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.

How to get low mortgage rates

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

• Improving your credit score
• Paying down debt
• Making a bigger down payment

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, 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. 

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 moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.