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Today' s mortgage & refinance rates November 1st 2022 Rates remain elevated

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Share

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo

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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo

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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Mortgage interest rates moved in different directions this week, according to data compiled by Bankrate. See below for a detailed breakdown of how different loan terms moved. Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past 6 percent as the Federal Reserve cracks down on inflation. The rate chart could continue to look choppy — the Fed's rate-raising stance against inflation also could lead to a recession, and that could cause mortgage rates to retreat. The central bank raised rates again at its September meeting. The one-two punch of consecutive rate increases of three-quarters of a point are likely to cool the economy. “The cumulative effect of this sharp rise in rates has cooled the housing market and caused the economy to start slowing, but hasn’t done much to lower inflation,” says Greg McBride, CFA, Bankrate chief financial analyst. Today's mortgage interest rates Product Rate Last week Change 7.22% 7.30% -0.08 6.47% 6.44% +0.03 5.53% 5.48% +0.05 7.21% 7.31% -0.10 Rates as of November 1, 2022. The rates listed here are Bankrate's overnight average rates and are based on . Actual rates available within the site may vary. This story has been reviewed by . All rate data accurate as of Tuesday, November 1st, 2022 at 7:30 a.m.

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 interest rates

Current 30 year mortgage rate falls

The average 30-year fixed-mortgage rate is 7.22 percent, a decrease of 8 basis points over the last week. This time a month ago, the average rate on a was lower, at 6.83 percent. At the current average rate, you'll pay principal and interest of $680.14 for every $100,000 you borrow. That's lower by $5.43 than it would have been last week. Use to estimate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.

15-year mortgage rate moves up

The average 15-year fixed-mortgage rate is 6.47 percent, up 3 basis points from a week ago. Monthly payments on a at that rate will cost $869 per $100k 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5 1 ARM rate rises

The average rate on a 5/1 adjustable rate mortgage is 5.53 percent, up 5 basis points since the same time last week. Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to sell or before the first or second adjustment. Rates could be substantially 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 at 5.53 percent would cost about $570 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 interest rate retreats

The current average rate you'll pay for jumbo mortgages is 7.21 percent, a decrease of 10 basis points since the same time last week. Last month on the 1st, the average rate on a jumbo mortgage was lesser, at 6.80 percent. At the average rate today for a jumbo loan, you'll pay principal and interest of $679.47 for every $100,000 you borrow. Compared with last week, that's $6.78 lower.

In summary How interest rates have shifted

30-year fixed mortgage rate: 7.22%, down from 7.30% last week, -0.08 15-year fixed mortgage rate: 6.47%, up from 6.44% last week, +0.03 5/1 ARM mortgage rate: 5.53%, up from 5.48% last week, +0.05 Jumbo mortgage rate: 7.21%, down from 7.31% last week, -0.10

Interested in refinancing See mortgage refinance rates

30-year mortgage refinance eases

The average 30-year fixed-refinance rate is 7.22 percent, down 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.82 percent. At the current average rate, you'll pay $680.14 per month in principal and interest for every $100,000 you borrow. That's a decline of $5.43 from last week.

Where mortgage 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 terms

The 30-year fixed-rate mortgage is the most popular loan for homeowners. This mortgage has a number of advantages. Among them: 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.

Where to get the best rates

Interest rates can differ largely based on overarching market forces, the loan amount, your location, your financial situation and how motivated mortgage lenders are to get your business. Keep in mind that the rates we cite are averages -- some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender. It’s valuable when you’re looking for a mortgage to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels. Bankrate is a great place to start, because you can take advantage of our and . If you’re not happy with the results there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

What comes next

Featured lenders for November 1 2022