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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 Share
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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 Editorial integrity
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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 were mostly higher compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 5/1 ARMs, and jumbo loans increased, while 15-year fixed rates declined. Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past the once-unthinkable threshold of 7 percent as the Federal Reserve cracks down on inflation. “The speed with which mortgage rates have increased in recent months has been whiplash-inducing and the cumulative effect — from near 3 percent at the beginning of the year to near 7 percent now — would’ve seemed laughably unlikely at the beginning of the year,” says Greg McBride, chief financial analyst for Bankrate. “Inflation running at 40-year highs will do that.” The central bank raised rates again at its November meeting — but what comes next is a toss-up. Some anticipate more forward marching for mortgage rates, possibly tapping 8 percent, while others say subsequent Fed hikes have already been accounted for and rates should stabilize. Others see the Fed pulling back at the end of the year. Average mortgage rates today Loan type Interest rate A week ago Change 7.32% 7.22% +0.10 6.43% 6.47% -0.04 5.59% 5.53% +0.06 7.31% 7.21% +0.10 Rates last updated on November 8, 2022. The rates listed above are marketplace averages based on . Actual rates displayed on-site may vary. This story has been reviewed by . All rate data accurate as of Tuesday, November 8th, 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
30-year fixed-rate mortgage moves higher
The average 30-year fixed-mortgage rate is 7.32 percent, up 10 basis points from a week ago. A month ago, the average rate on a was lower, at 7.08 percent. At the current average rate, you'll pay $686.93 per month in principal and interest for every $100k you borrow. That's an extra $6.79 compared with last week. 30-year mortgage vs 15-year mortgage
Standard lending practices defer to the as the go-to for most borrowers buying a home as it allows the borrower to spread mortgage payments out over 30 years, keeping their monthly payment lower. With a , however, borrowers can pay off their loan in half the time — if they’re able and willing to bump up the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income (DTI) ratio to obtain a 15-year mortgage because the monthly loan payments are loftier. 15-year mortgage eases
The average 15-year fixed-mortgage rate is 6.43 percent, down 4 basis points over the last seven days. Monthly payments on a at that rate will cost roughly $867 per $100,000 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 more quickly. 5 1 ARM rate advances
The average rate on a 5/1 ARM is 5.59 percent, climbing 6 basis points from a week ago. Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for those 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 5.59 percent would cost about $573 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms. Current jumbo mortgage rate climbs
Today's average rate for jumbo mortgages is 7.31 percent, up 10 basis points over the last week. A month ago, the average rate on a jumbo mortgage was below that, at 7.08 percent. At today's average rate, you'll pay a combined $686.25 per month in principal and interest for every $100,000 you borrow. That's an extra $6.78 compared with last week. In summary How interest rates have shifted
30-year fixed mortgage rate: 7.32%, up from 7.22% last week, +0.10 15-year fixed mortgage rate: 6.43%, down from 6.47% last week, -0.04 5/1 ARM mortgage rate: 5.59%, up from 5.53% last week, +0.06 Jumbo mortgage rate: 7.31%, up from 7.21% last week, +0.10 Mortgage refinance rates
30-year mortgage refinance rate moves up
The average 30-year fixed-refinance rate is 7.32 percent, up 10 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower, at 7.07 percent. At the current average rate, you'll pay $686.93 per month in principal and interest for every $100,000 you borrow. That's an extra $6.79 compared with last week. Mortgage rate trends Where 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 mortgage is the most popular loan for homeowners. This type of loan has a number of advantages, including: 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. Is now a good time to buy a house
There’s never a straightforward answer to this question. It always depends. Do you have a reliable income, a good credit score and money saved for a down payment and repairs? If you can answer all of those questions affirmatively, you’re ready to buy. However, the pandemic has exacerbated a shortage of homes, leading to bidding wars and rising prices. Those trends mean it can be a frustrating market for buyers. Keep reading
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