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Compare today's mortgage and refinance rates, November 23rd, 2022 - Rates down

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National mortgage rates were down across all terms from a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

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 6.85% 6.94% -0.09
15-year mortgage rate 6.21% 6.24% -0.03
5/1 ARM mortgage rate 5.49% 5.54% -0.05
30-year jumbo mortgage rate 6.85% 6.90% -0.05

Rates accurate as of November 23, 2022.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, November 23rd, 2022 at 7:30 a.m.

>>Check out historical mortgage rate trends, from the 70s to today

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 for home purchase

Today's 30-year mortgage rate retreats, -0.09%

The average rate for the benchmark 30-year fixed mortgage is 6.85 percent, down 9 basis points from a week ago. Last month on the 23rd, the average rate on a 30-year fixed mortgage was higher, at 7.20 percent.

At the current average rate, you'll pay principal and interest of $655.26 for every $100k you borrow. That's down $6.02 from what it would have been last week.

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 as it allows the borrower to disperse 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 expand 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 (DTI) ratio to obtain the former because the monthly mortgage payments are loftier.

15-year mortgage rate moves down,-0.03%

The average rate for a 15-year fixed mortgage is 6.21 percent, down 3 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost $855 per $100,000 borrowed. That's obviously 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM moves down, -0.05%

The average rate on a 5/1 ARM is 5.49 percent, sliding 5 basis points since the same time last week.

Adjustable-rate mortgages, or ARMs, are home loans 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 mortgages. These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much 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 5.49 percent would cost about $567 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

Jumbo mortgage retreats, -0.05%

The current average rate you'll pay for jumbo mortgages is 6.85 percent, a decrease of 5 basis points since the same time last week. This time a month ago, the average rate was higher, at 7.18 percent.

At the average rate today for a jumbo loan, you'll pay $655.26 per month in principal and interest for every $100,000 you borrow. That's a decline of $3.34 from last week.

Summary: How mortgage interest rates have shifted over the past week

  • 30-year fixed mortgage rate: 6.85%, down from 6.94% last week, -0.09
  • 15-year fixed mortgage rate: 6.21%, down from 6.24% last week, -0.03
  • 5/1 ARM mortgage rate: 5.49%, down from 5.54% last week, -0.05
  • Jumbo mortgage rate: 6.85%, down from 6.90% last week, -0.05

Interested in refinancing? See mortgage refinance rates

30-year mortgage refinance retreats, --0.03%

The average 30-year fixed-refinance rate is 6.88 percent, down 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.19 percent.

At the current average rate, you'll pay $657.26 per month in principal and interest for every $100,000 you borrow. That's a decline of $2.01 from last week.

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 options

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.

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 exacerbated a shortage of homes, leading to bidding wars and rising prices. Those trends mean it can be a frustrating market for buyers.

What comes next:

Featured lenders for today, November 23, 2022