Current Mortgage Interest Rates: November 8, 2022—Mortgage Rates Increase
Today’s average rate on a 30-year fixed mortgage is 7.36%, up 0.09% from the previous week.
Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they often have a lower rate than that of a 30-year, fixed-rate home loan. The average rate on a 15-year fixed mortgage is 6.44%. However, you’ll have higher monthly payments since you’re paying off your mortgage in 15 years instead of 30.
If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 8, 2022
30-Year Fixed-Rate Mortgage Rates
Borrowers will pay more in interest this week as the average rate on a 30-year fixed-rate mortgage is 7.36% compared to a rate of 7.27% a week ago. The lowest rate was 5.90% over the past 52 weeks and the highest was 7.41% in the same period.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.37%. The APR was 7.28% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.36%, you will pay about $690 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $148,275 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.44%, up 0.08% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.52%. Today’s rate is higher than the 52-week low of 5.12%.
The APR on a 15-year fixed is 6.47%. It was 6.54% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.44% will cost $868 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,206 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 7.37%, higher than it was at this time last week. The average rate was 7.27% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 5.91%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.37% will pay $690 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 $5,183, and you’d pay roughly $1,113,903 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
Currently, the average interest rate on a 5/1 ARM is 5.57%, up from the 52-week low of 4.38%. Last week, the average rate was 5.50%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.57% will spend $572 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 7.36% 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.
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.