Several benchmark mortgage rates were unchanged today. The average for a 30-year fixed-rate mortgage was unchanged, but the average rate on a 15-year fixed ticked downwards. The average rate on 5/1 adjustable-rate mortgages, meanwhile, held firm.
Today’s mortgage interest rates
Loan term Today’s Rate Last week Change
30-year mortgage rate 2.95% 2.95% N/C
15-year mortgage rate 2.45% 2.46% -0.01
30-year jumbo mortgage rate 3.01% 2.93% +0.08
30-year mortgage refinance rate 3.08% 2.99% +0.09
Rates accurate as of November 30, 2020.
Rates for mortgages change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.
See mortgage rates for a variety of loan types.
30-year mortgage rates
The average rate for the benchmark 30-year fixed mortgage is 2.95 percent, unchanged over the last seven days. Last month on the 30th, the average rate on a 30-year fixed mortgage was higher, at 3.06 percent.
At the current average rate, you’ll pay $418.91 per month in principal and interest for every $100,000 you borrow.
You can use Bankrate’s mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. 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 2.45 percent, down 1 basis point over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $664 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 rapidly.
5/1 Adjustable Rate Mortgage Rates
The average rate on a 5/1 adjustable rate mortgageis 3.03 percent, unchanged over the last 7 days.
These loan types are best for those who expect to sell or refinance 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 increase by hundreds of dollars afterward, depending on the loan’s terms.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our Mortgage rate predictions for this week.
Want to see where rates are at this moment? Lenders across the nation respond to our weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:
Why do mortgage rates move up and down?
A number of economic factors influence mortgage rates. Among them are inflation and unemployment. Higher inflation typically leads to higher mortgage rates. The opposite is also true; when inflation is low, mortgage rates typically are as well. As inflation increases, the dollar loses value. That drives investors away from mortgage-backed securities (MBS), which causes the prices to decrease and yields to increase. When yields move higher, rates become more expensive for borrowers.
A strong economy usually means more people buying homes, which drives demand for mortgages. This increased demand can push rates higher. The opposite is also true; less demand can trigger a drop in rates.
Are mortgage rates rising or falling?
Mortgage rates have fallen to record lows in recent months. Where theyâ€TMll go from here is nearly impossible to predict. Much depends on the direction of the economy, and how well public health officials can contain the coronavirus pandemic. Most experts predict that if the economy continues to bounce back and drugmakers develop a successful vaccine, mortgage rates will increase. On the other hand, if the economy struggles because of coronavirus-related setbacks, mortgage rates will remain at record lows or fall even further.
Is now a good time to buy a house?
The answer to “is now a good time to buy a house?” is never straightforward, regardless of the housing and mortgage rate environment. It always depends. Do you have a steady income, good credit and money saved for a down payment and repairs? If the answer to all of those is yes, you’re ready to buy.
However, the pandemic has exacerbated a shortage of homes, leading to bidding wars and rising prices. Those trends mean it can be a frustrating market for buyers.
To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s average rates.”
Read about other loan terms:
Current refinance rates
Current 30-year interest rates
Shopping for a mortgage lender?
Direct Home Lending Mortgage Review
Cardinal Financial Mortgage Review
BB&T Mortgage Review
Valley National Bank 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.