Mortgage Interest Rates Update for November 17, 2022
Today’s Mortgage Rates Fall Further Below 7%
The housing market has changed a lot in just a year, and mortgage rates are to blame.
The average interest rate for a 30-year fixed-rate mortgage has doubled, with the highest inflation in 40 years largely to blame. That inflation has led the Federal Reserve to raise its key interest rate several times already this year.
But with news of inflation, starting to come down, The striking drop in 30-year fixed mortgage rates is making headlines.
Let’s take a look at today’s mortgage interest rates.
Today’s average 30-year fixed mortgage rate is 6.84%
20-year fixed mortgage rates are averaging 6.65%
The average 15-year fixed-rate mortgage currently sits at 6.22%
Today’s 10-year fixed mortgage rate is 6.35%
5/1 ARM rates are averaging 5.54%