Mortgage rates just dropped to a new record low: Bankrate data


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Mortgage rates hit new record lows this week heading into the Thanksgiving holiday. The average 30-year fixed-rate mortgage dipped to 3.01 percent from 3.03 percent, according to Bankrate’s weekly survey of large lenders.

A year ago, it was 3.88 percent. Four weeks ago, the rate was 3.03 percent. The 30-year fixed-rate average for this week is 0.92 percentage points below the 52-week high of 3.93 percent, and is identical to the 52-week low of 3.01 percent.

The 30-year fixed mortgages in this week’s survey had an average total of 0.32 discount and origination points.

Over the past 52 weeks, the 30-year fixed has averaged 3.46 percent. This week’s rate is 0.45 percentage points lower than the 52-week average.

  • The 15-year fixed-rate mortgage fell to 2.44 percent from 2.45 percent.
  • The 5/1 adjustable-rate mortgage fell to 3.01 percent from 3.05 percent.
  • The 30-year fixed-rate jumbo mortgage fell to 3.44 percent from 3.46 percent.

At the current 30-year fixed rate, you’ll pay $422.14 each month for every $100,000 you borrow, down from $423.22 last week.

At the current 15-year fixed rate, you’ll pay $663.97 each month for every $100,000 you borrow, down from $664.44 last week.

At the current 5/1 ARM rate, you’ll pay $422.14 each month for every $100,000 you borrow, down from $424.31 last week.

Results of’s weekly national survey of large lenders conducted November 25, 2020 and the effect on monthly payments for a $165,000 loan:

Weekly national mortgage survey
Breakdown 30-year fixed 15-year fixed 5-year ARM
This week’s rate: 3.01% 2.44% 3.01%
Change from last week: -0.02 -0.01 -0.04
Monthly payment: $696.54 $1,095.55 $696.54
Change from last week: -$1.78 -$0.77 -$3.56

Where mortgage rates are headed

In the week ahead (Nov. 25- Dec. 2), 64 percent of the experts on Bankrate’s panel predict rates will stay the same, while 27 percent expect rates will rise and just 9 percent project that rates will fall.

“The 10 year is trading at .877 percent, which is virtually unchanged from last week. As the White House transitions the new administration will take shape and so far the market likes what it is seeing. Coronavirus will continue to lead the news as cases skyrocket and the country locks down a little more,” said Mitch Ohlbaum, mortgage banker, Macoy Capital Partners, Los Angeles.

Now’s the time to get a purchase mortgage or refinance

Rates are at a record low and are expected to stay this way for a while. You can see the forecast from various experts for the year ahead here.

That means more and more homeowners can refinance to cut their monthly mortgage payments. However, refinancing comes with costs that you must make up if you are to profit from a refi. Bankrate has a calculator to help you decide whether refinancing is a good idea.

In this struggling economy, the housing market has been a surprisingly strong. Home prices have risen sharply in most parts of the country, and bidding wars have broken out in many places.

Moira Taylor, a real estate broker in Atlanta and head of Taylor Made Realty, says every home on the market draws half a dozen bids, and some get more. “Sometimes we’re even putting bids in blind, before we even see the properties,” Taylor says. “It’s just that competitive.”

As for rates, they’re widely expected to make a slow rise in the coming months. But anyone with good to excellent credit who wants a mortgage should be able to snag a low rate for some time to come. How long is anybody’s guess.

The national survey of large lenders is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison. Our rates differ from other national surveys, in particular Freddie Mac’s weekly published rates. Each week Freddie Mac surveys lenders on the rates and points based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80 percent. “Lenders surveyed each week are a mix of lender types – thrifts, credit unions, commercial banks and mortgage lending companies – is roughly proportional to the level of mortgage business that each type commands nationwide,” according to Freddie Mac.