November 25, 2022—Rates Dip – Forbes Advisor

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Today, the average rate on a 30-year fixed mortgage is 6.85%, according to Bankrate.com, while the average rate on a 15-year mortgage is 6.17%. On a 30-year jumbo mortgage, the average rate is 6.87%, and the average rate on a 5/1 ARM is 5.47%.

Related: Compare Current Mortgage Rates

Mortgage Rates for November 25, 2022

30-Year Mortgage Rates

Today, the average rate on a 30-year, fixed-rate mortgage is 6.85%, compared to last week when it was 6.92%. Over the last 52 weeks, the lowest rate was 6.24% and the high was 7.41%.

The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.87%. The APR was 6.94% last week. APR is the all-in cost of your loan.

With today’s interest rate of 6.85%, a 30-year fixed mortgage of $100,000 costs approximately $655 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $135,893 in total interest over the life of the loan.

15-Year Fixed Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.17%, up 0.09% from the previous week. The 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%.

The APR on a 15-year fixed is 6.20%. It was 6.29% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.17% will cost $853 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $53,552 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.87%, the same as last week. That’s 0.63% higher than the 52-week low of 6.24%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.87% will pay approximately $657 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,929.

5/1 ARM Interest Rates

Today’s average interest rate on a 5/1 ARM is 5.47%, up 0.02% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.61% and the high was 5.60%.

Borrowers with the current rate of 5.47% will spend $566 on principal and interest per month on a $100,000 loan.

How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

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

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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