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Mortgage rates dropped dramatically late last week and are holding steady today.

Over the past seven days, average 30-year fixed mortgage rates have dropped more than 60 basis points. To put that in perspective, the average borrower getting a mortgage today will pay over $100 less on their monthly mortgage payment than a borrower who locked in their rate a week ago.

Where rates will go next hinges on the economy. Inflation is finally showing signs of coming down, and the Federal Reserve has indicated it may start to slow its pace of increases to the federal funds rate at future meetings. But Fed officials have repeatedly indicated that they aren’t ready to stop hiking rates, so mortgage rates could still inch up in December or early 2023 as the central bank continues to try to get price growth under control.

Mortgage rates today
Mortgage refinance rates today
Mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.

Click “More details” for tips on how to save money on your mortgage in the long run.

30-year fixed mortgage rates

The current average 30-year fixed mortgage rate is 7.08%, according to Freddie Mac. This is an increase from the previous week.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.

The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates. 

15-year fixed mortgage rates

The average 15-year fixed mortgage rate is 6.38%, an increase from the prior week, according to Freddie Mac data. The last time this rate was above 6% was in 2008.

If you want the predictability that …read more

Source:: Business Insider

      

Today’s mortgage and refinance rates: November 15, 2022 | Rates remain low after dropping last week

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