Mortgage Interest Rates Today: November 9, 2022—Rates Jump Up

Mortgage Interest Rates Today: November 9, 2022—rates Jump Up
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The average rate on a 30-year fixed mortgage is 7.28%, according to Bankrate.com, while the average rate on a 15-year mortgage is 6.47%. On a 30-year jumbo mortgage, the average rate is 7.26%, and the average rate on a 5/1 ARM is 5.58%.

Related: Compare Current Mortgage Rates

Mortgage Rates for November 9, 2022

30-Year Fixed Mortgage Rates

Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.28%. This was up from the previous week’s rate of 7.25%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.29%. This is higher than last week when the APR was 7.26%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.28% will cost you about $684, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $146,316 in total interest over the life of the loan.

15-Year Fixed Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.47%, up 0.01% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.48%. Today’s rate is higher than the 52-week low of 5.12%.

The APR on a 15-year fixed is 6.50%.It was the same last week.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.47% will cost $869 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,503 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.26%— 0.01% down from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.92% and a 52-week high of 7.44%.

A 30-year jumbo mortgage at today’s fixed interest rate of 7.26% will cost you $683 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,127.

5/1 Adjustable-Rate Mortgage Rates

The average interest rate on a 5/1 ARM is 5.58%, higher than the 52-week low of 4.42%. Last week, the average rate was 5.52%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.58% will pay $573 per month in principal and interest.

How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

  • Income
  • Debt
  • Debt-to-income ratio (DTI)
  • Down payment
  • Credit score

What’s an APR, and Why Is It Important?

APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.

Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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