Current National Mortgage Rates: November 23, 2022—Rates Cool Off
Currently, the average rate on a 30-year fixed mortgage is 6.88%, compared to 7.01% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.23%, down 0.06% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 23, 2022
30-Year Fixed-Rate Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 6.88%, compared to last week when it was 7.01%. Over the last 52 weeks, the lowest rate was 6.13% and the high was 7.41%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.89%. The APR was 7.02% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.88%, a 30-year fixed mortgage of $100,000 costs approximately $657 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $136,615 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.23%, up 0.06% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.29%. Today’s rate is higher than the 52-week low of 5.41%.
The APR on a 15-year fixed is 6.26%. It was 6.31% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.23% will cost $856 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,140 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 6.90%, lower than it was at this time last week. The average rate was 7.00% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.13%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.90% will pay $659 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,940, and you’d pay around $1,028,220 in total interest over the life of the loan.
5/1 ARM Rates
Currently, the average interest rate on a 5/1 ARM is 5.45%, up from the 52-week low of 4.60%. Last week, the average rate was 5.52%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.45% will spend $565 per month in principal and interest.
How to Calculate Mortgage Payments
Before you look for a house, you should get to know your budget. This will give you an idea of the type of house you can afford. Start by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
What’s an APR, and Why Is It Important?
APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.