Mortgage and refinance rates today, November 23, 2021 | Rates still low

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Mortgage interest rates moved in different directions this week, according to data compiled by Bankrate. See the table below for a breakdown of how each loan term moved.

Average mortgage rates
Product Rate Last week Change
30-year fixed 3.16% 3.18% -0.02
15-year fixed 2.50% 2.50% N/C
5/1 ARM 2.74% 2.74% N/C
30-year fixed jumbo 3.16% 3.19% -0.03

Rates as of November 23, 2021.

The rates listed here are averages based on the assumptions shown here. Actual rates displayed on-site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Tuesday, November 23rd, 2021 at 7:30am.

>>Check out historical mortgage rate movements

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 rates

30-year mortgage rate slides, -0.02%

The average rate for the benchmark 30-year fixed mortgage is 3.16 percent, a decrease of 2 basis points over the last week. Last month on the 23rd, the average rate on a 30-year fixed mortgage was higher, at 3.27 percent.

At the current average rate, you’ll pay a combined $428.10 per month in principal and interest for every $100k you borrow.

30-year mortgage vs. 15-year mortgage

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to scatter mortgage payments out over 30 years, keeping their monthly payment lower.

With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to increase the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain the former because the monthly mortgage payments are inflated.

15-year mortgage rate flat for the week

The average rate for the benchmark 15-year fixed mortgage is 2.50 percent, unchanged over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $390 per $100k borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment 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 more rapidly.

5/1 adjustable rate mortgage holds firm

The average rate on a 5/1 adjustable rate mortgageis 2.74 percent, unchanged over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate loans. These types of loans 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.

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 increase by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rate declines, -0.03%

The average jumbo mortgage rate is 3.16 percent, down 3 basis points since the same time last week. This time a month ago, jumbo mortgages’ average rate was above that, at 3.28 percent.

At today’s average jumbo rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow.

Summary: How mortgage rates have shifted over the past week

  • 30-year fixed mortgage rate: 3.16%, down from 3.18% last week, -0.02
  • 15-year fixed mortgage rate: 2.50%, unchanged from last week
  • 5/1 ARM mortgage rate: 2.74%, the same as last week
  • Jumbo mortgage rate: 3.16%, down from 3.19% last week, -0.03

Interested in refinancing? See rates for home refinance

30-year mortgage refinance rate moves lower, –0.02%

The average 30-year fixed-refinance rate is 3.14 percent, down 2 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.24 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow.

Is now a good time to buy a house?

There’s never a straightforward answer to this question. It always depends. Do you have a reliable income, a good credit score and money saved for a down payment and repairs? If you can answer all of those questions affirmatively, you’re ready to buy.

However, the pandemic has led to an even greater shortage of homes. That’s caused a bidding war and rising prices. Those trends mean it can be a frustrating market for buyers.

Keep reading:

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