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30-year mortgage rates today

Nov. 26, 2022

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Today’s 30-year mortgage rates

On Saturday, November 26, 2022, the national average 30-year fixed mortgage APR is 6.80%. The average 30-year fixed refinance APR is 6.79%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage industry insights

Fed sees through November hike, mortgage rates at 7 percent

The benchmark fixed rate on 30-year mortgages now sits at 7 percent, its highest level since 2002, according to Bankrate’s national survey of large lenders. This, as the Federal Reserve made good on its promise to raise rates yet again at its November meeting.

“The [Fed’s] interest rate mantra for 2023 is shaping up as ‘higher for longer,’” says Greg McBride, CFA, Bankrate chief financial analyst. “Unfortunately, we’re likely to feel the pain of a slower economy before we see the gain of lower inflation.”

Federal policy doesn’t directly impact rates on fixed mortgages, but the central bank has some sway with 10-year Treasury yields, which do drive fixed mortgage movement.

Some analysts believe fixed mortgage rates might hover in the 7 percent range, while others aren’t ruling out the possibility of the 30-year rate approaching 8 percent.

Get this week’s latest mortgage news.

How to compare 30-year fixed mortgage rates

If you compare loan offers from mortgage lenders, you’ll have a better chance of securing a competitive rate. Here’s how:

  1. Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors.
  2. Compare the annual percentage rate (APR): The APR reflects some of the expenses you’ll incur for the loan, such as the origination fee and any points, in addition to the interest rate.
  3. Consider the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience or the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.
 

Why compare 30-year mortgage rates?

It’s important to shop around for a mortgage to make sure you’re getting the best deal. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

Finding the lowest-advertised rate won’t mean much, however, if your credit score or debt puts you out of range for the best offers. Generally, borrowers with a credit score of 740 and up, a substantial down payment (20 percent is ideal, but not required) and a DTI ratio of no more than 43 percent score the most attractive offers.

Some lenders still cater to borrowers that don’t meet these criteria, offering competitive rates even if your credit or finances aren’t up to par. That’s another reason why it pays to shop around.

Comparing mortgage rates can also pay off especially in a volatile climate like the one we’re in today. With rates on the rise and fluctuating so frequently, it’s often helpful to understand overall rate trends before locking in your own.

Pros and cons of a 30-year mortgage

Choosing the right home loan is an important step in the homebuying process, and you have options based on your credit score, income, down payment amount, budget and financial goals. Here are the main pros and cons of a 30-year fixed mortgage:

Pros

  • Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans like 15-year mortgages.
  • Stability: Having a consistent principal and interest payment helps you better map out your housing expenses for the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.
  • Buy more house: With lower payments, you might be able to qualify for a larger loan amount and might be able to afford a more expensive home.
  • More financial flexibility: Lower monthly payments can provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.

Cons

  • More total interest paid: Stretching out repayment over 30 years means you’ll wind up paying more in interest overall than you would with a shorter-term loan.
  • Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer amount of time.
  • Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
  • Slower equity growth: It will take longer to build equity in your home because most of your initial mortgage payments will go towards interest rather than paying down your principal amount.

FAQs about 30-year mortgages

Additional resources to find the best mortgage for you

Written by: Zach Wichter, mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Read more from Zach Wichter

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride