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Current national mortgage and refinance rates, November 15th, 2021: Most rates fall - Bankrate.com

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Mortgage rates were mostly down compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans moved lower, while rates for adjustable rate mortgages remained flat.

Rates as of November 15, 2021.

These rates are averages based on the assumptions here. Actual rates available within the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, November 15th, 2021 at 7:30am.

>>See historical mortgage rate trends, from the 70s to today

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.”

Mortgage rates for home purchase

30-year mortgage moves lower, -0.09%

The average rate you’ll pay for a 30-year fixed mortgage is 3.07 percent, down 9 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.14 percent.

At the current average rate, you’ll pay $421.60 per month in principal and interest for every $100,000 you borrow. That’s lower by $6.50 than it would have been last week.

15-year fixed mortgage drops,-0.08%

The average 15-year fixed-mortgage rate is 2.40 percent, down 8 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $390 per $100,000 borrowed. That may squeeze 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 more quickly.

5/1 ARM holds firm

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 home loans that come with a floating interest rate. To put it another way, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to sell or refinance 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 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.

Jumbo mortgage moves lower, -0.11%

The average jumbo mortgage rate is 3.05 percent, down 11 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was above that, at 3.14 percent.

At today’s average rate, you’ll pay a combined $421.60 per month in principal and interest for every $100,000 you borrow. That’s $6.50 lower, compared with last week.

In summary: How mortgage rates have shifted

  • 30-year fixed mortgage rate: 3.07%, down from 3.16% last week, -0.09
  • 15-year fixed mortgage rate: 2.40%, down from 2.48% last week, -0.08
  • 5/1 ARM mortgage rate: 2.74%, the same as last week
  • Jumbo mortgage rate: 3.05%, down from 3.16% last week, -0.11

Interested in refinancing? See mortgage refinance rates

30-year mortgage refinance moves down, –0.11%

The average 30-year fixed-refinance rate is 3.04 percent, down 11 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.12 percent.

At the current average rate, you’ll pay $421.60 per month in principal and interest for every $100,000 you borrow. That’s a decline of $6.50 from last week.

How does credit score affect my mortgage rate?

A credit score of 760 or higher generally will help you qualify for the best rates offered by any mortgage lender. However, you don’t need excellent credit to qualify for a mortgage. Loans insured by the Federal Housing Administration, or FHA, have a minimum credit score requirement of just 580.

Ideally if you have a lower score, you want to improve your credit to get the best loan offers possible. While you can get a mortgage with poor or bad credit, your mortgage interest rate and terms may not be as cheap.

Keep reading:

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Current national mortgage and refinance rates, November 15th, 2021: Most rates fall - Bankrate.com
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