November 24, 2022—Mortgage Rates Decline – Forbes Advisor

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The average rate on a 30-year fixed mortgage is 6.87% with an APR of 6.88%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 6.18% with an APR of 6.20%. On a 30-year jumbo mortgage, the average rate is 6.89% with an APR of 6.89%. The average rate on a 5/1 ARM is 5.48% with an APR of 7.47%.

Related: Compare Current Mortgage Rates

Mortgage Rates for November 24, 2022

30-Year Mortgage Rates

Borrowers paid an average rate on a 30-year fixed-rate mortgage of 6.87%. This was down from the previous week’s rate of 6.89%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.88%. This is lower than last week when the APR was 6.91%. 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 6.87% will cost you about $657, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $136,374 in total interest over the life of the loan.

15-Year Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 6.18%. This same time last week, the 15-year fixed-rate mortgage was at 6.26%. Today’s rate is higher than the 52-week low of 5.41%.

On a 15-year fixed, the APR is 6.20%. Last week it was 6.29%.

At today’s interest rate of 6.18%, a 15-year fixed-rate mortgage would cost approximately $854 per month in principal and interest per $100,000. You would pay around $53,650 in total interest over the life of the loan.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate is 6.89%, the same as it was at this time last week. The average rate was 6.88% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.13%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.89% will pay $658 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 $4,934, and you’d pay approximately $1,026,415 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

The current average interest rate on a 5/1 ARM is 5.48%. The 52-week low was 4.60% compared to a 52-week high of 5.60%.

If you lock in today’s 5/1 ARM interest rate of 5.48% on a $100,000 loan, your monthly payments (including principal and interest) will be $567.

Where Are Mortgage Rates Headed This Year?

In the first half of 2022, rates for home loans soared and currently sit at about 6.87% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to rise—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?

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.

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