Today’s Mortgage Rates: November 4, 2022—Rates Hit A 52-Week High
The current average rate on a 30-year fixed mortgage is 7.41%, compared to 7.10% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.53%, up 0.11% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 4, 2022
30-Year Fixed Mortgage Rates
Today’s 30-year-fixed rate mortgage–the most popular mortgage product–is 7.41%, up 0.31% from a week earlier. Over the past 52 weeks, the lowest rate was 5.90% and the highest was 7.41%.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 7.43%. Last week, the APR was 7.11%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.41%, your monthly payment will be about $693, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $149,502 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 6.53%. This same time last week, the 15-year fixed-rate mortgage was at 6.42%. Today’s rate is higher than the 52-week low of 5.06%.
On a 15-year fixed, the APR is 6.56%. Last week it was 6.44%.
At today’s interest rate of 6.53%, a 15-year fixed-rate mortgage would cost approximately $873 per month in principal and interest per $100,000. You would pay around $57,096 in total interest over the life of the loan.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.33% from last week to 7.44%. That’s 1.53% higher than the 52-week low of 5.91%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.44% will pay approximately $695 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,213.
5/1 ARM Rates
Currently, the average interest rate on a 5/1 ARM is 5.55%, up from the 52-week low of 4.37%. Last week, the average rate was 5.51%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.55% will spend $571 per month in principal and interest.
Where Are Mortgage Rates Headed This Year?
In the first two quarters of 2022, rates for home loans rocketed and currently sit at about 7.41% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to soar—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?
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.