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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 15-year fixed, 5/1 ARMs, and jumbo loans moved higher, while 30-year fixed rates remained flat. 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 rates Loan term Today's Rate Last week Change 7.22% 7.22% N/C 6.46% 6.44% +0.02 5.55% 5.53% +0.02 7.22% 7.20% +0.02 Rates accurate as of November 2, 2022. The rates listed above are averages based on . Actual rates displayed across the site may vary. This story has been reviewed by . All rate data accurate as of Wednesday, November 2nd, 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 goes unchanged
The average rate you'll pay for a 30-year fixed mortgage is 7.22 percent, unchanged over the last week. This time a month ago, the average rate on a was lower, at 6.89 percent. At the current average rate, you'll pay principal and interest of $680.14 for every $100,000 you borrow. Learn more about , and compare to a variety of other loan types. 15-year fixed mortgage rises
The average rate for the benchmark 15-year fixed mortgage is 6.46 percent, up 2 basis points over the last seven days. Monthly payments on a at that rate will cost around $869 per $100k borrowed. The bigger payment may be a little tougher to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly. 5 1 ARM climbs
The average rate on a 5/1 ARM is 5.55 percent, ticking up 2 basis points over the last week. 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 people who expect to or sell before the first or second adjustment. Rates could be considerably 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 5.55 percent would cost about $571 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 climbs
The average rate for a 30-year jumbo mortgage is 7.22 percent, up 2 basis points since the same time last week. Last month on the 2nd, the average rate was lesser, at 6.88 percent. At today's average rate, you'll pay a combined $680.14 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $1.35 higher. In summary How mortgage rates have shifted over the past week
30-year fixed mortgage rate: 7.22%, the same as last week 15-year fixed mortgage rate: 6.46%, up from 6.44% last week, +0.02 5/1 ARM mortgage rate: 5.55%, up from 5.53% last week, +0.02 Jumbo mortgage rate: 7.22%, up from 7.20% last week, +0.02 Mortgage refinance rates
Current 30 year mortgage refinance rate trends higher
The average 30-year fixed-refinance rate is 7.23 percent, up 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.89 percent. At the current average rate, you'll pay $680.82 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $0.68 higher. 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 different mortgage terms
The 30-year fixed-rate mortgage is the most popular option for homeowners, and 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. Where rates are headed
To see where Bankrate's panel of experts expect rates to go from here, check out our . Want to see where rates are at this moment? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the . Learn more
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