Skip to Main Content

Mortgage and refinance rates today, November 22nd, 2022 - Most rates fall

featured image
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

National mortgage rates were mostly lower compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and 5/1 ARM loans declined, while rates for jumbo mortgages remained flat.

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.

Current average home loan rates
Loan type Interest rate A week ago Change
30-year fixed rate 6.88% 6.93% -0.05
15-year fixed rate 6.22% 6.28% -0.06
5/1 ARM rate 5.48% 5.59% -0.11
30-year fixed jumbo rate 6.88% 6.88% N/C

Rates last updated on November 22, 2022.

These rates are Bankrate's overnight average rates and are based on the assumptions here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, November 22nd, 2022 at 7:30 a.m.

>>See historical mortgage interest rate movements

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 rates

Current 30 year mortgage rate retreats, -0.05%

The average rate for a 30-year fixed mortgage is 6.88 percent, down 5 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.22 percent.

At the current average rate, you'll pay a combined $657.26 per month in principal and interest for every $100,000 you borrow. That's $3.35 lower, compared with last week.

15-year fixed mortgage rate moves lower,-0.06%

The average 15-year fixed-mortgage rate is 6.22 percent, down 6 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $856 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 faster.

5/1 ARM dips, -0.11%

The average rate on a 5/1 adjustable rate mortgage is 5.48 percent, down 11 basis points since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be considerably 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 5.48 percent would cost about $567 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Jumbo mortgage interest rate holds firm

The average rate for a 30-year jumbo mortgage is 6.88 percent, unchanged over the last week. A month ago, the average rate was greater than 6.88, at 7.20 percent.

At today's average rate, you'll pay a combined $657.26 per month in principal and interest for every $100,000 you borrow.

Summary: How mortgage rates have shifted

  • 30-year fixed mortgage rate: 6.88%, down from 6.93% last week, -0.05
  • 15-year fixed mortgage rate: 6.22%, down from 6.28% last week, -0.06
  • 5/1 ARM mortgage rate: 5.48%, down from 5.59% last week, -0.11
  • Jumbo mortgage rate: 6.88%, unchanged from last week

Interested in refinancing? See rates for home refinance

Current 30 year mortgage refinance rate slides, --0.03%

The average 30-year fixed-refinance rate is 6.90 percent, down 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.22 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's $2.01 lower, compared with last week.

Where mortgage 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 different mortgage terms

The 30-year fixed-rate mortgage is the most popular option for homeowners, and this type of loan has a number of advantages, including:

  • 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.

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.

One downside, however, is that a significant decline in mortgage rates can help push up home prices. Indeed, home values have increased 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.

What comes next:

Featured lenders, November 22, 2022