National mortgage rates were mostly up compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans increased, while 5/1 ARM rates remained flat.
Today’s mortgage rates for home purchase
|Loan term||Today’s Rate||Last week||Change|
|30-year mortgage rate||3.20%||3.07%||+0.13|
|15-year mortgage rate||2.51%||2.40%||+0.11|
|5/1 ARM mortgage rate||2.74%||2.74%||N/C|
|30-year jumbo mortgage rate||3.20%||3.05%||+0.15|
Rates accurate as of November 18, 2021.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates available on-site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Thursday, November 18th, 2021 at 7:30am.
You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”
30-year mortgage advances, +0.13%
The average 30-year fixed-mortgage rate is 3.20 percent, an increase of 13 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.18 percent.
At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow. That’s an additional $6.50 per $100,000 compared to last week.
15-year fixed mortgage rate moves higher,+0.11%
The average 15-year fixed-mortgage rate is 2.51 percent, up 11 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $390 per $100k borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
5/1 adjustable rate mortgage goes unchanged
The average rate on a 5/1 ARM is 2.74 percent, unchanged since the same time last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 2.74 percent would cost about $402 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate moves up, +0.15%
is 3.20 percent, an increase of 15 basis points over the last seven days. Last month on the 18th, jumbo mortgages’ average rate was lower, at 3.18 percent.
At today’s average rate, you’ll pay a combined $428.10 per month in principal and interest for every $100k you borrow. That’s up $6.50 from what it would have been last week.
In summary: How mortgage interest rates have moved over the past week
- 30-year fixed mortgage rate: 3.20%, up from 3.07% last week, +0.13
- 15-year fixed mortgage rate: 2.51%, up from 2.40% last week, +0.11
- 5/1 ARM mortgage rate: 2.74%, unchanged from last week
- Jumbo mortgage rate: 3.20%, up from 3.05% last week, +0.15
Interested in refinancing? See mortgage refinance rates
Today’s 30-year mortgage refinance rate trends upward, +0.13%
The average 30-year fixed-refinance rate is 3.17 percent, up 13 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.16 percent.
At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow. That’s $6.50 higher compared with last week.
Rate lock advice and recommendations
A rate lock guarantees your interest rate for a specified period of time. It’s common for lenders to offer 30-day rate locks for a fee or to include the price of the rate lock into your loan. Some mortgage lenders will lock rates for longer periods, even exceeding 60 days, but those locks can be costly. In today’s volatile market, some lenders will lock an interest rate for only two weeks because they don’t want to take on unnecessary risk.
The benefit of a rate lock is that if interest rates rise, you’re locked into the guaranteed rate. Some lenders have a floating-rate lock option, which allows you to get a lower rate if interest rates fall before you close your loan. In a falling rate environment, a float-down lock could be worth the cost. Because there is no guarantee of where mortgage rates will head in the future, it may be smart to lock in a low rate instead of holding out on rates for potentially decline further.
Remember: During the pandemic, all aspects of real estate and mortgage closings are taking much longer than usual. Expect the closing on a new mortgage to take at least 60 days, and expect refinancing to take at least a month.