Current National Mortgage Rates: November 15, 2021—Mortgage Rates Drop – Forbes Advisor - Forbes

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For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates fell today and remain at historical lows.

The average rate on a 30-year fixed mortgage is 3.09%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.42%. The average rate on a 30-year jumbo mortgage is 3.05%, and the average rate on a 5/1 ARM is 2.74%.

Related: Compare Current Mortgage Rates

Loan Term	Rate	Change	Rate Last Week
30-year fixed	3.09%	-0.01%	3.10%
15-year fixed	2.42%	-0.01%	2.43%
30-year jumbo	3.05%	0.00%	3.05%
5/1 ARM	2.74%	0.00%	2.74%
Source: Bankrate.com

30-Year Fixed Mortgage Interest Rates

The average rate fell on a 30-year fixed mortgage, slipping to 3.09% from 3.10% yesterday. The 52-week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.25%, than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay 426 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.09%. The total interest paid over the life of the loan will be around $53,530.

15-Year Fixed-Rate Mortgage Rates

The average interest rate on the 15-year fixed mortgage sits at 2.42%. This same time last week, the 15-year fixed-rate mortgage was at 2.43%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 2.66%. Last week it was 2.65%.

At today’s interest rate of 2.42%, a 15-year fixed-rate mortgage would cost approximately 663 per month in principal and interest per $100,000. You would pay around $19,345 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 3.05%. Last week, the average rate was 3.05%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.05% will pay 424 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 3,182, and you’d pay around $395,625 in total interest over the life of the loan.

5/1 ARM Rates

The average interest rate on a 5/1 ARM is 2.74%, higher than the 52-week low of 2.83%. Last week, the average rate was 2.74%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.74% will pay 408 per month in principal and interest.

Calculating Mortgage Payments

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be challenging to figure out how much you can afford and what you’re paying for.

You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.

Gather these data points to calculate your monthly mortgage payment:

• Home price
• Down payment amount
• Interest rate
• Loan term
• Taxes, insurance and any HOA fees

What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

How Do I Get Preapproved for a Mortgage?

Getting preapproved for a mortgage can help you during the homebuying process. Mortgage preapproval represents a lender’s offer to loan you money. It can help you appear more attractive to sellers.

To get preapproved for a mortgage, start by gathering documents. You’ll need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns and any other documents your lender requires.

The lender you select will guide you through the preapproval process.

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Current National Mortgage Rates: November 15, 2021—Mortgage Rates Drop – Forbes Advisor - Forbes
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