Mortgage Interest Rates Today: November 22, 2022—Rates Fall
The average rate on a 30-year fixed mortgage fell by 0.05% in the last week to 6.92%.
Meanwhile, the average rate on a 15-year fixed mortgage fell to 6.25%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 22, 2022
30-Year Fixed Mortgage Interest Rates
Today’s 30-year-fixed rate mortgage–the most popular mortgage product–is 6.92%, down 0.05% from a week earlier. Over the past 52 weeks, the lowest rate was 6.13% and the highest was 7.41%.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 6.93%. Last week, the APR was 6.98%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.92%, your monthly payment will be about $660, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $137,578 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 6.25%. This same time last week, the 15-year fixed-rate mortgage was at 6.31%. Today’s rate is higher than the 52-week low of 5.34%.
On a 15-year fixed, the APR is 6.28%. Last week it was 6.33%.
At today’s interest rate of 6.25%, a 15-year fixed-rate mortgage would cost approximately $857 per month in principal and interest per $100,000. You would pay around $54,336 in total interest over the life of the loan.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.94%. Last week, the average rate was 6.94%. 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 6.94% will pay $661 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 $4,965, and you’d pay approximately $1,035,450 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
The current average interest rate on a 5/1 ARM is 5.44%. The 52-week low was 4.60% compared to a 52-week high of 5.60%.
If you lock in today’s 5/1 ARM interest rate of 5.44% on a $100,000 loan, your monthly payments (including principal and interest) will be $564.
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. A good place to start is 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?
The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.