Current national mortgage and refinance rates, November 22nd, 2021 – Majority of rates rise

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Mortgage interest rates were mostly up compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates remained flat.

Average mortgage rates
Loan type Interest rate A week ago Change
30-year fixed rate 3.20% 3.07% +0.13
15-year fixed rate 2.51% 2.40% +0.11
5/1 ARM rate 2.74% 2.74% N/C
30-year fixed jumbo rate 3.20% 3.05% +0.15

Rates last updated on November 22, 2021.

The rates listed here are marketplace averages based on the assumptions here. Actual rates available across the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Monday, November 22nd, 2021 at 7:30am.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage interest rates

30-year mortgage rate moves up, +0.13%

The average rate for the benchmark 30-year fixed mortgage is 3.20 percent, up 13 basis points over the last week. Last month on the 22nd, the average rate on a 30-year fixed mortgage was lower, at 3.19 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100k you borrow. Compared to last week, that’s $6.50 higher.

15-year fixed mortgage rate moves higher,+0.11%

The average rate for the benchmark 15-year fixed mortgage is 2.51 percent, up 11 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $390 per $100k borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARM rate stays put

The average rate on a 5/1 ARM is 2.74 percent, unchanged since the same time last week.

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 intermittently throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.74 percent would cost about $402 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo loan interest rate increases, +0.15%

The current average rate you’ll pay for jumbo mortgages is 3.20 percent, an increase of 15 basis points since the same time last week. This time a month ago, the average rate was lesser, at 3.18 percent.

At today’s average jumbo rate, you’ll pay principal and interest of $428.10 for every $100k you borrow. That’s an extra $6.50 compared with last week.

Summary: How interest rates have shifted

  • 30-year fixed mortgage rate: 3.20%, up from 3.07% last week, +0.13
  • 15-year fixed mortgage rate: 2.51%, up from 2.40% last week, +0.11
  • 5/1 ARM mortgage rate: 2.74%, the same as last week
  • Jumbo mortgage rate: 3.20%, up from 3.05% last week, +0.15

Refinance rates

30-year mortgage refinance moves up, +0.13%

The average 30-year fixed-refinance rate is 3.17 percent, up 13 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.16 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $6.50 higher.

How do mortgage rates affect homebuyers?

In a housing boom, low mortgage rates can present pros and cons for borrowers. One pro: Low rates give borrowers more buying power. A $300,000 loan at 4 percent equates to a monthly payment of $1,432. If rates fall to 3 percent, the payment plunges to $1,265.

However, that sort of decline also can help push up home prices — and values indeed have jumped in recent months.

Here’s one way to see the offsetting effects of soaring home prices and plunging mortgage rates. Say you decided not to buy a $300,000 home a year ago, when the 30-year mortgage rate was at about 3.75 percent. Your down payment at 20 percent would have been $60,000, and your monthly payment would have been $1,111.

Today, the price of the same home has jumped to $335,000, but you can land a 30-year loan at 3 percent. As a result, your monthly payment rises only slightly, to $1,130. However, you’ll have to come up with an extra $7,000 to make a 20 percent down payment.

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