Mortgage Interest Rates Update for November 2, 2022
Mortgage rates have had a dramatic 2022.
After a few years of rates near record lows – around 3% or lower for a 30-year fixed rate – averages have roughly doubled since January. Inflation is the main reason why, and rates have escalated as the Federal Reserve has increased its interest rate to tame those high prices.
Let’s look at today’s average mortgage rates :
The average 30-year fixed-rate mortgage currently sits at 7.22%
20-year fixed mortgage rates are averaging 7.25%
15-year mortgage rate: 6.46%
Today’s 10-year fixed mortgage rate is 6.67%
Today’s average 5/1 adjustable-mortgage rate is 5.55%