Mortgage and refinance rates today, November 24, 2021: Rates historically low

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Mortgage interest rates moved in different directions this week, according to data compiled by Bankrate. Keep reading for a detailed breakdown of how different loan types moved.

Today’s mortgage rates for home purchase
Loan type Interest rate A week ago Change
30-year fixed rate 3.17% 3.19% -0.02
15-year fixed rate 2.51% 2.50% +0.01
5/1 ARM rate 2.74% 2.74% N/C
30-year fixed jumbo rate 3.17% 3.20% -0.03

Rates last updated on November 24, 2021.

The rates listed above are marketplace averages based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Wednesday, November 24th, 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 interest rates

30-year mortgage dips, -0.02%

The average rate for the benchmark 30-year fixed mortgage is 3.17 percent, a decrease of 2 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.20 percent.

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

How do I view personalized 30-year mortgage rates?

Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

15-year fixed mortgage rate trends upward,+0.01%

The average rate for a 15-year fixed mortgage is 2.51 percent, up 1 basis point over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $390 per $100,000 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

5/1 adjustable rate mortgage goes unchanged

The average rate on a 5/1 ARM is 2.74 percent, unchanged over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change from time to time throughout the life of the loan, 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.

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 mortgage rate declines, -0.03%

The average rate for a jumbo mortgage is 3.17 percent, down 3 basis points since the same time last week. This time a month ago, the average rate on a jumbo mortgage was higher, at 3.20 percent.

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

In summary: How mortgage rates have changed this week

  • 30-year fixed mortgage rate: 3.17%, down from 3.19% last week, -0.02
  • 15-year fixed mortgage rate: 2.51%, up from 2.50% last week, +0.01
  • 5/1 ARM mortgage rate: 2.74%, unchanged from last week
  • Jumbo mortgage rate: 3.17%, down from 3.20% last week, -0.03

Mortgage refinance rates

30-year mortgage refinance rate slides, –0.03%

The average 30-year fixed-refinance rate is 3.14 percent, down 3 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.20 percent.

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

Are mortgage rates going up?

Throughout 2021, mortgage rates are expected to begin rising again. The National Association of Realtors expects rates to average 3.1% and the Mortgage Bankers Association (MBA) says mortgage rates will average 3.3% in 2021. These rate estimates are both up from the 3.0% mortgage rate average in 2020 but lower than 2019’s average rates. Many experts say it could be years before mortgage rates return to their pre-pandemic levels.

Sources:

  • National Association of Real Estate Editors
  • Freddie Mac Federal Home Loan Mortgage Corporation

Keep reading:

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