Today’s Mortgage Rates: November 7, 2022—Rates Advance

Today’s Mortgage Rates: November 7, 2022—rates Advance
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The current average rate on a 30-year fixed mortgage is 7.33%, compared to 7.16% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.50%, up 0.09% from the previous week.

If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.

Related: Compare Current Mortgage Rates

Mortgage Rates for November 7, 2022

30-Year Mortgage Rates

Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.33%. This was up from the previous week’s rate of 7.16%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.34%. This is higher than last week when the APR was 7.17%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.33% will cost you about $688, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $147,540 in total interest over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

The average interest rate on the 15-year fixed mortgage sits at 6.50%. This same time last week, the 15-year fixed-rate mortgage was at 6.41%. Today’s rate is higher than the 52-week low of 5.12%.

The APR on a 15-year fixed is 6.53%. It was 6.44% this time last week.

At today’s interest rate of 6.50%, a 15-year fixed-rate mortgage would cost approximately $871 per month in principal and interest per $100,000. You would pay around $56,799 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 7.33%. Last week, the average rate was 7.16%. 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 7.33% will pay $688 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 $5,162, and you’d pay around $1,106,549 in total interest over the life of the loan.

5/1 ARM Rates

Currently, the average interest rate on a 5/1 ARM is 5.56%, 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 5.56% will spend $572 per month in principal and interest.

How Much House Can I Afford?

The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.

Here are a few important factors that go into home affordability:

  • Income
  • Debt
  • Debt-to-income ratio (DTI)
  • Down payment
  • Credit score

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

The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.

Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.

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