Mortgage rate offers for the week ending October 30, 2021: best offers from lenders


The rates for mortgage offers advertised on fell last week. The average mortgage rate that Bankrate readers clicked on Thursday was 2.59%, down from 2.63% the previous Thursday. Mortgage rates remain historically low, making this a good time to get a mortgage or refinance.

This “clicked” rate reflects purchase mortgages and refinances with all conditions, including 30 and 15 year loans. Prices may include reduction points.

The softer offers come with caveats. For example, to get the best combination of rates and costs, you will typically need a credit score of 740 or higher and a down payment of 20% or higher. And many of the lower rates posted on include discount points, a way to reduce the rate by paying more at close.

Mortgage rates are constantly changing and have risen from historic lows set earlier this year. The gyrations reflect the unpredictability of the mortgage market as the economy continues to recover from the COVID-19 recession.

Even after their recent moves, rates remain well below where they were before the coronavirus pandemic sent rates to record highs. This means that it may still be a good idea to refinance your mortgage.

Key to take away

Be sure to shop around – you can save thousands of dollars by getting at least three deals.

Compare mortgage rates in your area now.

Average click-through rate for purchase loans

The average rate that Bankrate readers clicked on 30-year purchase mortgages fell to 2.83 percent from 2.89 percent seven days earlier. At that average rate, you’ll pay $ 412.49 per month in principal and interest for every $ 100,000 you borrow.

Average click-through rate for refinance loans

The average rate that Bankrate readers clicked for 30-year refinances fell to 2.63 percent from 2.69 percent on the previous Thursday.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of additional payments. The tool will also help you determine how much interest you will pay over the life of the loan.

Compare the refinancing rates in your area now.

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