30-Year Mortgage Rates Tumble By Over A Quarter Of A Point Today | November 15, 2022

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Check out the mortgage rates for November 15, 2022, which are largely up from yesterday. (Credible)

Based on data compiled by Credible, mortgage rates for home purchases fell for a key period and increased for three more as of yesterday.

The rates were last updated on November 15, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has over 5,000 reviews on Trustpilot with an average star rating of 4.7 (out of a possible 5.0).

What does it mean: Today rates have risen in three key mortgage terms, with the exception of 30-year rates, which have fallen by more than a quarter of a point. With all-condition rates below 7%, borrowers who want a longer repayment term and a relatively low interest rate may want to lock in a 30-year mortgage today, before any probable hikes.

To find great mortgage rates, start by using Credible’s secure website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate the monthly mortgage payments.

Based on the data compiled by Credible, mortgage refinancing rates they have fallen for a key mandate and have risen for three more terms since yesterday.

The rates were last updated on November 15, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an “excellent” Trustpilot score.

What does it mean: Rates for 30-year refinancing terms have dropped today, offering a slight savings window for homeowners who want to save on interest. Meanwhile, the rates for all other repayment terms have increased. With 20- and 30-year term rates of less than 7%, homeowners wishing to maintain a longer repayment term may want to consider refinancing today for future hikes.

How mortgage rates have changed over time

Mortgage interest rates today are well below the highest average annual rate recorded by Freddie Mac: 16.63% in 1981. A year before the COVID-19 pandemic shocked economies around the world, the rate average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for the past 30 years.

The historic decline in interest rates means that homeowners who have mortgages from 2019 onwards could potentially make significant savings on interest by refinancing with one of today’s lowest interest rates. When considering a refinance or mortgage purchase, it is important to take into account closing costs such as appraisal, application, origin, and legal fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

Are you looking to buy a home? Credible can help you compare current rates from multiple mortgage lenders immediately in a few minutes. Use Credible’s online tools to compare rates and pre-qualify today.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

How credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. The credible average mortgage rates and mortgage refinancing rates shown in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a credit score of 740 and is borrowing a conventional single-family home loan that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% down payment.

The credible mortgage rates shown here will only give you an idea of ​​the current average rates. The actual fee you receive may vary based on a number of factors.

Factors that influence mortgage rates (and are under your control)

Many factors affect the mortgage interest rate you qualify for, and some of them are in your control. Improving these factors could help you qualify for a lower interest rate.

  • Credit Score – Typically, the lowest interest rates go to borrowers with the highest credit scores.
  • Debt / Income Ratio – DTI is a percentage that compares your total debt to your income. To calculate the DTI, divide your monthly gross income by the total of all minimum monthly payments of your debt. Generally, lenders prefer a DTI of 35% or less.
  • Deposit amount – In general, lenders (and many sellers) look favorably on a higher down payment amount. If you lower the home purchase price by less than 20%, many lenders will ask you to pay for private mortgage insurance, which protects the lender (not you) if you fail to repay the mortgage.
  • Location / house price – Interest rates may vary depending on the state you live in and where in the state you are buying in. Likewise, if you need to borrow a lot more than average (a jumbo loan) or very little, you might get a higher interest rate.
  • Repayment term – The lowest rates typically come with 10 or 15-year terms, while 30-year terms usually have the highest interest rates.

If you are trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified rates in minutes.

Got a finance-related question but don’t know who to ask? Email the credible money expert a moneyexpert@credible.com and your question may be answered by Credible in our Money Expert column.

As a credible authority on mortgage and personal finance, Chris Jennings has covered topics that include mortgage lending, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance and others.

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