Current Mortgage Interest Rates: November 29, 2022—Mortgage Rates Fall
Today, the average rate on a 30-year fixed mortgage is 6.88%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.14%. The average rate on a 30-year jumbo mortgage is 6.91%, and the average rate on a 5/1 ARM is 5.47%.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 29, 2022
30-Year Fixed-Rate Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage inched up to 6.88% from 6.87% yesterday. This time last week, the 30-year fixed was 6.92%. The 52-week high is 7.41%.
The 30-year fixed mortgage APR is 6.89%. At this time last week, it was 6.93%. Here’s why APR is important.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $657 per month in principal and interest (taxes and fees not included) at today’s interest rate of 6.88%. In total interest, you’d pay $136,615 over the life of the loan.
15-Year Mortgage Interest Rates
Today’s 15-year, fixed-rate mortgage is 6.14%, down 0.11% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.25%. Today’s rate is higher than the 52-week low of 5.63%.
The APR on a 15-year fixed is 6.16%. It was 6.28% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.14% will cost $851 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $53,259 in total interest.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.91%. 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 6.24%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.91% will pay $659 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 $4,950, and you’d pay around $1,030,027 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
The average interest rate on a 5/1 ARM sits at 5.47%, higher than the 52-week low of 4.75%. Last week, the average rate was 5.44%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.47% will pay $566 per month in principal and interest.
Where Are Mortgage Rates Headed This Year?
Rates for home loans have been on fire this year, rising from 3.22% in early January to 6.88% this week for the most popular 30-year, fixed-rate mortgage. What happens next is anyone’s guess: a Forbes Advisor survey of experts predicts the year-end average anywhere from 5% to nearly 7%. If you are seeking a mortgage right now, consult multiple lenders and lock in a rate as soon as a competitive offer comes along.
How to Calculate Mortgage Payments
One of the first steps in buying a house is budgeting. To get a general idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.
Just input the following data to get an idea of how much a house will cost:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
