Mortgage and refinance rates for November 23, 2020 | Rates ease

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Several key mortgage rates were down today. The average rates on 30-year fixed and 15-year fixed mortgages both fell. Meanwhile, the average rate on 5/1 adjustable-rate mortgages also were down.

Current average mortgage interest rates
Loan type Interest rate A week ago Change
30-year fixed rate 2.95% 2.96% -0.01
15-year fixed rate 2.46% 2.48% -0.02
30-year fixed jumbo rate 2.93% 2.96% -0.03
30-year fixed refinance rate 2.99% 3.06% -0.07

Rates last updated on November 23, 2020. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Mortgage rates are in a constant state of flux, but overall, they are very low by historical standards. 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 interest rates for home purchase
30-year mortgages

The average rate for a 30-year fixed mortgage is 2.95 percent, a decrease of 1 basis point over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.03 percent.

At the current average rate, you’ll pay $418.91 per month in principal and interest for every $100,000 you borrow. That’s lower by $0.54 than it would have been last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 2.46 percent, down 2 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $665 per $100,000 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 save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARMs

The average rate on a 5/1 adjustable rate mortgageis 3.03 percent, down 1 basis point from a week ago.

These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially 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 climb hundreds of dollars higher afterward, depending on the loan’s terms.

Rate lock advice and recommendations

A mortgage rate lock ensures your mortgage 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. Certain lenders will lock rates for longer periods, sometimes for more than 60 days, but those locks can be expensive. 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. 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 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.

It’s important to keep in mind: 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, with refinancing taking at least a month.

Refinance mortgage rates
30-year fixed refinance rates

Today’s average refinance rate for a 30-year fixed-rate mortgage is 2.99 percent, decreasing 7 basis points over the past week. A month ago, the average rate on a 30-year mortgage was 3.23 percent.

At the current average rate, you’ll pay principal and interest of $421.06 for every $100k you borrow. Compared to last week, that’s $4 lower. Compared to this time last month, that’s $13 lower.

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

Read more:
Current refinance rates
30-Year interest rates
Shopping for the right mortgage lender?
Movement Mortgage Review
Valley National Bank Mortgage Review
Churchill Mortgage Review
Wyndham Capital Mortgage Review

Methodology: The rates you see above are Bankrate.com 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. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com 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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