Today’s National Mortgage Rates, November 24, 2021 | Rates Declined

Photo to accompany article on Mortgage Rates
We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

What we’re seeing today is a number of important mortgage rates have decreased. Both 30-year fixed and 15-year fixed mortgage rates trailed off. We also saw a decline in the average rate of 5/1 adjustable-rate mortgages (ARM).

The average mortgage rates are as follows:

What These Mortgage Rate Changes Mean for Homebuyers:

Although they have steadily increased recently, Mortgage interest rates continue to linger near record lows, which increases how much homebuyers can borrow. The flip side of this is that demand for homes has stayed strong and property values are increasing. So in many areas, surging home prices have offset the benefits of affordable interest rates. Adding to the problem is low housing inventory, and supply chain disruptions have increased the cost of building new homes. So buyers are likely to face a tough market for the remainder of this year.

Current Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance because the average rates for 15-year fixed and 30-year fixed refinance loans went down. Shorter term, 10-year fixed-rate refinance mortgages also went down.

Today’s refinance rates are:

Find current mortgage rates for today.

30-Year Fixed Mortgage Interest Rates

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 3.14%, which is a decline of 5 basis points from seven days ago.

You can use NextAdvisor’s home loan payment calculator to get an idea of what your monthly payments will be and play around with extra mortgage payments to wrap your head around how much you could save. The mortgage calculator can also show you all of the interest you’ll pay over the life of the loan.

15-Year Mortgage Rates

The median rate for a 15-year fixed mortgage is 2.44%, which is a decrease of 2 basis points from seven days ago.

A 15-year, fixed-rate mortgage’s monthly payment is, without a doubt, a much bigger monthly payment than what you’d get with a 30-year mortgage offering the same interest rate. However, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much sooner.

5/1 ARM Rates

A 5/1 ARM has an average rate of 2.76%, a downtick of 4 basis points from the same time last week.

An adjustable-rate mortgage is ideal for borrowers who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being significantly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

Mortgage Interest Rate Movement

Since the beginning of the year, mortgage rates have been on a slow upward march.
This is what some experts predicted for 2021. It has been an interesting year for mortgage rates, but they are expected to continue to rise well into next year. This is due in large part to the economic recovery and the Federal Reserve’s decision to begin reducing its bond purchases, which has helped keep rates low.

How our mortgage rates are calculated

To see where mortgage rates are headed, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. The daily rates survey focuses on mortgages where the borrower has a high credit score (740+), a loan-to-value ratio (LTV) of 80% or better, and the home is occupied by the owner.

The table below compares today’s average rates to what they were a week ago, and is based on information provided to Bankrate by lenders from across the nation:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.14%3.19%-0.05
15-year fixed rate2.44%2.46%-0.02
30-year jumbo mortgage rate3.13%3.18%-0.05
30-year mortgage refinance rate3.13%3.16%-0.03

Updated on November 24, 2021.

Is Now a Good Time to Lock in My Mortgage Rate?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool because it protects you if rates go up. And with interest rates so low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should talk with your lender. It may be able to extend the rate lock, however, you might have to pay a fee for that privilege.

What Is in the Future for Mortgage Rates?

All indications are that the days of mortgage rates falling to one record low after another are behind us. With both the economy and inflation looking strong, rates have been rising. Nevertheless, the Delta variant’s uncertainty has offset some of this increase. However, with the Federal Reserve’s recent policy changes, rates should rise throughout this year and into 2022, which is what many experts have predicted.

You shouldn’t let the rise or fall in mortgage rates dictate when you buy a home, but if you can lock in a great deal right now, you might benefit for years to come. Make sure you are aware, however, that rising home prices may cancel out the savings you get from a low interest rate.

Where Are Mortgage Rates Headed in 2021?

Mortgage rates are expected to remain fairly low for the duration of 2021. Although mortgage rates have been steadily rising, it is likely they will be just slightly higher by the end of this year. As the economy continues to recover, expect to see interest rates rise, but keep in mind that the economy isn’t expected to make a full recovery this year as the Delta variant continues to spread and the threat of future variants lingers. These are some of the factors limiting the rise we could see in mortgage rates.

How to Get the Lowest Mortgage Rate

Your credit score, and loan-to-value ratio (LTV), and are the most important factors lenders use to calculate your mortgage rate.

These days, a credit score of 750 or above will help you secure the lowest rate. However, even a score of over 700 can get you a decent rate reduction compared to a lower credit score. For a credit score over 800, the mortgage rate discount won’t be meaningful.

Banks provide the largest mortgage rate reductions to home buyers that are seen as less risky. One surefire way to show you’re more likely to make your monthly payments is to bring a bigger down payment to the closing table. A down payment of 20% or more will save you money in two ways: with a more favorable mortgage rate, and you’ll be able to avoid paying for private mortgage insurance (PMI).