Today’s Mortgage Rates: November 1, 2022—Rates Decrease
Currently, the average rate on a 30-year fixed mortgage is 7.27%, compared to 7.31% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.52%, up 0.03% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 1, 2022
30-Year Fixed Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage rose to 7.27% from 7.16% yesterday. One week ago, the 30-year fixed was 7.31%. Today’s rate is lower than the 52-week high of 7.38%.
The APR on a 30-year fixed is 7.28%. This time last week, it was 7.32%. APR is the all-in cost of your loan.
At an interest rate of 7.27%, a 30-year fixed mortgage would cost $684 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $146,072 over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.52%, up 0.03% from the previous week. The 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 4.94%.
The APR on a 15-year fixed is 6.54%. It was 6.53% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.52% will cost $872 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,997 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.27%— 0.08% down from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.70% and a 52-week high of 7.43%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.27% will cost you $684 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,132.
5/1 ARM Rates
On a 5/1 ARM, the average rate remained at 5.50%. The average rate was 5.45% last week. Today’s rate is currently lower than the 52-week high of 5.53%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.50% will pay $568 per month in principal and interest.
Where Are Mortgage Rates Headed This Year?
Mortgage rates have increased this year, and many experts predict rates will swell further. Forecasts range from about 5.5% by the end of 2022 to as high as 7%. As always, it pays to shop around and be ready to lock in a rate if you find one that seems competitively low.
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.