Current National Mortgage Rates: November 16, 2022—Mortgage Rates Dip
The average rate on a 30-year fixed mortgage is 7.01% with an APR of 7.02%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 6.29% with an APR of 6.31%. On a 30-year jumbo mortgage, the average rate is 7.00% with an APR of 7.01%. The average rate on a 5/1 ARM is 5.52% with an APR of 7.17%.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 16, 2022
30-Year Fixed-Rate Mortgage Rates
Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.01%. This was down from the previous week’s rate of 7.28%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.02%. This is lower than last week when the APR was 7.29%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.01% will cost you about $666, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $139,751 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate sits at 6.29%, lower than it was yesterday. Last week, it was 6.47%. Today’s rate is higher than the 52-week low of 5.23%.
The APR on a 15-year fixed is 6.31%. It was 6.50% this time last week.
With an interest rate of 6.29%, you would pay $860 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $54,729 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 7.00%. Last week, the average rate was 7.26%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.44% and as low as 6.08%.
If you lock in today’s rate of 7.26% on a 30-year, fixed-rate jumbo mortgage, you will pay $665 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,995, and you’d pay around $1,046,317 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
On a 5/1 ARM, the average rate dropped to 5.52% from 5.57% yesterday. The average rate was 5.58% last week. Today’s rate is currently lower than the 52-week high of 5.60%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.52% will pay $569 per month in principal and interest.
How Much House Can I Afford?
Buying a house is a huge purchase and can put a big dent in your savings. Before you start looking, it’s important to figure out both what you can afford and you’re willing to spend.
Not only do you want to consider your income and debt, but you also want to factor in emergency savings and any long-term financial goals such as retirement or college.
These are some basic financial factors that go into home affordability:
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
The APR, or annual percentage rate, includes the mortgage interest rate and lender fees over the life of the loan. This is an important figure because it gives borrowers a better snapshot of what they will pay for a mortgage as it shows the total cost of a mortgage if you keep it for the entire term.