Current National Mortgage Rates: November 14, 2022—Rates Dip

Current National Mortgage Rates: November 14, 2022—rates Dip
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The current average rate on a 30-year fixed mortgage is 6.91%, compared to 7.33% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.23%, down 0.27% from the previous week.

Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.

Related: Compare Current Mortgage Rates

Mortgage Rates for November 14, 2022

30-Year Fixed Mortgage Interest Rates

Today, the average rate for the benchmark 30-year fixed mortgage remained at 6.91% from 6.91% yesterday. At this time last week, the 30-year fixed was 7.33%. The 52-week high is 7.41%.

The APR on a 30-year fixed is 6.92%. This time last week, it was 7.34%. APR is the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $659 per month in principal and interest (taxes and fees not included) at today’s interest rate of 6.91%. In total interest, you’d pay $137,337 over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.23%, up 0.27% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.50%. Today’s rate is higher than the 52-week low of 5.23%.

The APR on a 15-year fixed is 6.26%. It was 6.53% 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 6.87%, lower than it was at this time last week. The average rate was 7.33% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.00%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.87% will pay $657 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 $4,929, and you’d pay approximately $1,022,806 in total interest over the life of the loan.

5/1 ARM Interest Rates

Today’s average interest rate on a 5/1 ARM is 5.60%, up 0.04% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.49% and the high was 5.60%.

Borrowers with the current rate of 5.60% will spend $574 on principal and interest per month on a $100,000 loan.

How Much House Can I Afford?

The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.

Here are a few important factors that go into home affordability:

  • Income
  • Debt
  • Debt-to-income ratio (DTI)
  • Down payment
  • Credit score

What’s an APR, and Why Is It Important?

The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.

Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.

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