Mortgage and refinance rates for November 18, 2020 | Rates dip


Several key mortgage rates declined today. The average rates on 30-year fixed and 15-year fixed mortgages both tapered off. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also trended down.

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 2.96% 3.02% -0.06
15-year fixed 2.47% 2.50% -0.03
30-year fixed jumbo 2.94% 3.07% -0.13
30-year fixed refinance 3.05% 3.18% -0.13

Rates as of November 18, 2020.

Rates for mortgages change daily, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just be sure to shop around.

See mortgage rates for a variety of loan types.

Mortgage rates for purchase
30-year mortgage rates

The average 30-year fixed-mortgage rate is 2.96 percent, a decrease of 6 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.04 percent.

At the current average rate, you’ll pay $419.45 per month in principal and interest for every $100,000 you borrow. That’s lower by $3.23 than it would have been last week.

You can use Bankrate’s home loan calculator to figure out your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 2.47 percent, down 3 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $665 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARMs

The average rate on a 5/1 ARM is 3.03 percent, sliding 1 basis point from a week ago.

These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.03 percent would cost about $423 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.

When to lock your mortgage rate

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 lenders will lock rates for longer periods of time, even exceeding 60 days, but those locks can be pricey. In today’s volatile market, some lenders will lock an interest rate for just two weeks to avoid unnecessary risk.

The benefit of a rate lock is that if rates rise, you’re locked into the guaranteed rate. You may be able to find a lender that offers a floating rate lock. A floating rate lock lets you get a lower rate if interest rates decline before closing your loan. It could be worth the cost in a declining rate environment. Because mortgage rates are not predictable, there’s no guarantee that rates will stay where they are from week to week or even day to day. So, if you can lock in a low rate, then you should do so rather than gamble on interest rates falling even lower.

It’s important to keep in mind: During the COVID-19 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, with refinancing taking at least a month.

Refinance mortgage rates
30-year mortgage refinance rates

The average rate to refinance a 30-year fixed-rate mortgage is 3.05 percent, decreasing 13 basis points over the previous seven days. This time last month, the average rate on a 30-year mortgage was 3.20 percent.

At the current average rate, you’ll pay principal and interest of $424.31 for every $100,000 you borrow. Compared to a week ago, that’s $7 lower. Compared to this time last month, that’s $8 less.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s average rates.”

Read about other loan terms:
Current refinance rates
30 year interest rates today
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Methodology: The rates you see above are Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “ Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

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