Here Are Today’s Mortgage Rates: November 11, 2022—Mortgage Rates Dip

Here Are Today’s Mortgage Rates: November 11, 2022—mortgage Rates Dip

Today’s average rate on a 30-year fixed mortgage is 6.91%, down 0.50% 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 6.27%. 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 11, 2022

30-Year Fixed Mortgage Rates

Borrowers will pay less in interest this week as the average rate on a 30-year fixed-rate mortgage is 6.91% compared to a rate of 7.41% a week ago. The lowest rate was 5.99% 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 6.92%. The APR was 7.43% last week.

If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.91%, you will pay about $659 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $137,337 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.27%, up 0.26% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.53%. Today’s rate is higher than the 52-week low of 5.19%.

The APR on a 15-year fixed is 6.30%. It was 6.56% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.27% will cost $859 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,532 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.87%, the same as last week. That’s 0.89% higher than the 52-week low of 5.98%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.87% will pay approximately $657 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,924.

5/1 ARM Rates

The current average interest rate on a 5/1 ARM is 5.60%. The 52-week low was 4.42% compared to a 52-week high of 5.60%.

If you lock in today’s 5/1 ARM interest rate of 5.60% on a $100,000 loan, your monthly payments (including principal and interest) will be $574.

Where Are Mortgage Rates Headed This Year?

In the first two quarters of 2022, rates for home loans soared and currently sit at about 6.91% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to climb—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.

What’s an APR, and Why Is It Important?

APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.

Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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