Today's national mortgage & refinance rates, November 21st, 2023 | Rates go down

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Nov 21, 2023 / 4 min read

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Mortgage interest rates came down on all loan terms compared to a week ago, according to rate data collected by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

After surpassing 8 percent in recent weeks, mortgage rates have retreated. One big driver: Inflation has cooled, which means the Federal Reserve could wrap up its hiking cycle. The Fed last hiked its key interest rate in July, which brought up borrowing costs on a variety of financial products, including mortgages.

The central bank held firm on another rate hike this month, indicating it expects rates to stay on the higher side for the foreseeable future.

“Inflation pressures are easing, which helps bring mortgage rates down,” says Greg McBride, Bankrate’s chief financial analyst. “There is still the issue of ballooning supply of government debt pulling in the other direction. Mortgage rates will yo-yo up and down as the market absorbs new information on the economy and government debt issuance.”

The rise in mortgage rates comes alongside appreciating home prices, both of which have kept homebuyers on the sidelines. Over half of home purchase mortgages originated in July had a monthly payment greater than $2,000, according to Black Knight. Twenty-three percent of originations in July had a payment over $3,000. The affordability squeeze is stretching budgets, and keeping many first-time homebuyers out of the market altogether.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	7.79%	7.88%	-0.09
15-year fixed	7.02%	7.09%	-0.07
5/1 ARM	6.88%	6.98%	-0.10
30-year fixed jumbo	7.86%	7.92%	-0.06

Rates last updated November 21, 2023.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, November 21st, 2023 at 7:30 a.m.

30-year mortgage rate drops, -0.09%

Today's average 30-year fixed-mortgage rate is 7.79 percent, down 9 basis points since the same time last week. Last month on the 21st, the average rate on a 30-year fixed mortgage was higher, at 8.04 percent.

At the current average rate, you'll pay $719.18 per month in principal and interest for every $100,000 you borrow. That's $6.24 lower, compared with last week.

15-year fixed mortgage rate slides, -0.07%

The average rate you'll pay for a 15-year fixed mortgage is 7.02 percent, down 7 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $900 per $100,000 borrowed. That's clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 more rapidly.

5/1 ARM rate moves down, -0.10%

The average rate on a 5/1 ARM is 6.88 percent, ticking down 10 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to sell or refinance before the first or second adjustment. Rates could be substantially 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 6.88 percent would cost about $657 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 retreats, -0.06%

The average rate for a 30-year jumbo mortgage is 7.86 percent, down 6 basis points since the same time last week. Last month on the 21st, the average rate on a jumbo mortgage was higher, at 8.04 percent.

At today's average rate, you'll pay a combined $724.03 per month in principal and interest for every $100,000 you borrow. That's $4.17 lower, compared with last week.

Mortgage refinance rates

Current 30 year mortgage refinance rate retreats, -0.28%

The average 30-year fixed-refinance rate is 7.73 percent, down 28 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 8.17 percent.

At the current average rate, you'll pay $715.03 per month in principal and interest for every $100,000 you borrow. That's lower by $19.43 than it would have been last week.

Where are mortgage rates going?

Mortgage rates have done a 180 as of late, tracking back down under 8 percent. With inflation cooling and 10-year Treasury yields declining, the 30-year fixed mortgage could head into the 6 percent range by next year.

The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

What these rates mean for you and your mortgage

While mortgage rates fluctuate considerably,, there is some consensus that we won’t see rates return to 3 percent for some time. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than expected, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

"All too often, some [homebuyers] 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, senior economic analyst for Bankrate. "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?”

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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