Mortgage Rates Retreat Below 7%
Industry Update
November 21, 2022
Source: U.S. News & World Report
Mortgage rates dipped significantly this week, retreating below 7% for the 30-year fixed term. Interest rates dropped meaningfully across most fixed-rate loan terms, including FHA, VA and jumbo loans.
Here are the current average mortgage rates, without discount points unless otherwise noted, as of Nov. 17:
30-year fixed: 6.94% (down from 7.33% a week ago).
20-year fixed: 6.77% (down from 7.37% a week ago).
15-year fixed: 6.27% (down from 6.49% a week ago).
10-year fixed: 6.37% (down from 6.61% a week ago).
5/1 ARM: 5.56% (down from 5.57% a week ago).
7/1 ARM: 5.69% (equivalent to 5.69% a week ago).
10/1 ARM: 5.86% (up from 5.82% a week ago).
30-year jumbo loans: 6.91% (down from 7.33% a week ago).
30-year FHA loans: 6.1% with 0.06 point (down from 6.63% a week ago).
VA purchase loans: 6.23% with 0.05 point (down from 6.58% a week ago).
For full report, please click the source link above.