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Current national mortgage and refinance rates, November 25, 2022: Most rates fall

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Mortgage interest rates were mostly down compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans receded, while rates for adjustable rate mortgages rose.

Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past the once-unthinkable threshold of 7 percent as the Federal Reserve cracks down on inflation.

“The speed with which mortgage rates have increased in recent months has been whiplash-inducing and the cumulative effect — from near 3 percent at the beginning of the year to near 7 percent now — would’ve seemed laughably unlikely at the beginning of the year,” says Greg McBride, chief financial analyst for Bankrate. “Inflation running at 40-year highs will do that.”

The central bank raised rates again at its November meeting — but what comes next is a toss-up. Some anticipate more forward marching for mortgage rates, possibly tapping 8 percent, while others say subsequent Fed hikes have already been accounted for and rates should stabilize. Others see the Fed pulling back at the end of the year.

Average home loan rates
Loan term Today's Rate Last week Change
30-year mortgage rate 6.77% 6.87% -0.10
15-year mortgage rate 6.16% 6.23% -0.07
5/1 ARM mortgage rate 5.50% 5.49% +0.01
30-year jumbo mortgage rate 6.76% 6.85% -0.09

Rates accurate as of November 25, 2022.

These rates are marketplace averages based on the assumptions here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, November 25th, 2022 at 7:30 a.m.

You can save thousands of dollars over the life of your mortgage by getting multiple offers.

"All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, Bankrate senior economic analyst. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?"

Mortgage interest rates

30-year fixed-rate mortgage retreats, -0.10%

The average rate you'll pay for a 30-year fixed mortgage is 6.77 percent, down 10 basis points over the last seven days. Last month on the 25th, the average rate on a 30-year fixed mortgage was higher, at 7.14 percent.

At the current average rate, you'll pay $649.93 per month in principal and interest for every $100k you borrow. That's a decline of $6.66 from last week.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.

15-year mortgage dips,-0.07%

The average rate for a 15-year fixed mortgage is 6.16 percent, down 7 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $853 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 adjustable rate mortgage moves higher, +0.01%

The average rate on a 5/1 adjustable rate mortgage is 5.50 percent, rising 1 basis point over the last 7 days.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 5.50 percent would cost about $568 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

Current jumbo mortgage rate drops, -0.09%

Today's average rate for jumbo mortgages is 6.76 percent, down 9 basis points over the last seven days. A month ago, jumbo mortgages' average rate was above that, at 7.12 percent.

At today's average jumbo rate, you'll pay $649.26 per month in principal and interest for every $100,000 you borrow. That's a decline of $6.00 from last week.

In summary: How interest rates have moved over the past week

  • 30-year fixed mortgage rate: 6.77%, down from 6.87% last week, -0.10
  • 15-year fixed mortgage rate: 6.16%, down from 6.23% last week, -0.07
  • 5/1 ARM mortgage rate: 5.50%, up from 5.49% last week, +0.01
  • Jumbo mortgage rate: 6.76%, down from 6.85% last week, -0.09

Mortgage refinance rates

Current 30 year mortgage refinance rate dips, --0.11%

The average 30-year fixed-refinance rate is 6.75 percent, down 11 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.14 percent.

At the current average rate, you'll pay $648.60 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $7.33 lower.

Mortgage rate trends: Where rates are headed

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

"Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far," says McBride. "The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades."

Comparing mortgage terms

The 30-year fixed-rate mortgage is the most popular loan for homeowners. This mortgage has a number of advantages. Among them:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of the loan.

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