Here Are Today’s Mortgage Rates: November 17, 2022—Rates Decrease
The average rate on a 30-year fixed mortgage is 6.89% with an APR of 6.91%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 6.26% with an APR of 6.29%. On a 30-year jumbo mortgage, the average rate is 6.88% with an APR of 6.89%. 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 17, 2022
30-Year Fixed Mortgage Interest Rates
Borrowers will pay less in interest this week as the average rate on a 30-year fixed-rate mortgage is 6.89% compared to a rate of 7.28% a week ago. The lowest rate was 6.07% 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 6.91%. The APR was 7.29% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.89%, you will pay about $658 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $136,855 in total interest over the life of the loan.
15-Year Mortgage Rates
The average interest rate on the 15-year fixed mortgage is 6.26%. This same time last week, the 15-year fixed-rate mortgage was at 6.49%. Today’s rate is higher than the 52-week low of 5.23%.
The APR on a 15-year fixed is 6.29%. It was 6.52% this time last week.
With an interest rate of 6.26%, you would pay $858 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $54,434 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.88%, the same as last week. That’s 0.80% higher than the 52-week low of 6.08%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.88% 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 $4,934.
5/1 ARM Rates
The average interest rate on a 5/1 ARM is 5.52%, higher than the 52-week low of 4.53%. Last week, the average rate was 5.59%.
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.
Where Are Mortgage Rates Headed This Year?
Rates for home loans have climbed steadily this year, rising from 3.22% in early January to 6.89% 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 annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.