Here Are Today’s Mortgage Rates: November 15, 2022—Mortgage Rates Drop
The current average rate on a 30-year fixed mortgage is 6.97%, compared to 7.36% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.31%, down 0.13% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 15, 2022
30-Year Fixed Mortgage Interest Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 6.97%, compared to last week when it was 7.36%. Over the last 52 weeks, the lowest rate was 5.99% and the high was 7.41%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.98%. The APR was 7.37% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.97%, a 30-year fixed mortgage of $100,000 costs approximately $663 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $138,784 in total interest over the life of the loan.
15-Year Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.31%, up 0.13% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.44%. Today’s rate is higher than the 52-week low of 5.23%.
The APR on a 15-year fixed is 6.33%. It was 6.47% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.31% will cost $861 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,925 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.94%. Last week, the average rate was 7.37%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.44% and as low as 6.00%.
If you lock in today’s rate of 7.37% on a 30-year, fixed-rate jumbo mortgage, you will pay $661 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 $4,965, and you’d pay around $1,035,450 in total interest over the life of the loan.
5/1 ARM Rates
The average interest rate on a 5/1 ARM sits at 5.57%, higher than the 52-week low of 4.52%. Last week, the average rate was 5.57%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.57% will pay $572 per month in principal and interest.
How to Calculate Mortgage Payments
Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. Start by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
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:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
