Interest rates

November 8, 2022—Mortgage Rates Rise – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Today’s average rate on a 30-year fixed mortgage is 7.36%, up 0.09% from the previous week.

Borrowers may be able to save on interest charges by switching to a 15-year fixed rate mortgage, as they often have a lower rate than a 30-year fixed rate mortgage. The average rate for a 15-year fixed mortgage is 6.44%. However, you will have higher monthly payments since you pay off your mortgage in 15 years instead of 30.

If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.

Related: Compare current mortgage rates

Mortgage rates for November 8, 2022

30-Year Fixed-Rate Mortgage Rates

Borrowers will pay more interest this week, with the average 30-year fixed-rate mortgage rate at 7.36%, up from 7.27% a week ago. The lowest rate was 5.90% over the past 52 weeks and the highest was 7.41% over the same period.

The annual percentage rate of charge (APR), which includes interest and all lender fees, on a 30-year fixed rate mortgage is 7.37%. The APR was 7.28% last week.

If your mortgage is $100,000 and you have a 30-year fixed rate mortgage with the current rate of 7.36%, you will pay approximately $690 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator says. This represents approximately $148,275 in total interest over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

Today’s 15-year fixed rate mortgage is at 6.44%, up 0.08% from the previous week. At this time last week, the 15-year fixed rate mortgage was at 6.52%. Today’s rate is above the 52-week low of 5.12%.

The APR on a 15-year fixed is 6.47%. It was 6.54% a week earlier.

A 15-year fixed rate mortgage with a current interest rate of 6.44% will cost $868 per month in principal and interest on a $100,000 mortgage (taxes and insurance not included). In this scenario, borrowers would pay approximately $56,206 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate stands at 7.37%, higher than it was at this time last week. The average rate was 7.27% at the same time last week. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 5.91%.

Borrowers with a giant 30-year fixed-rate mortgage with a current interest rate of 7.37% will pay $690 a month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $5,183, and you would pay approximately $1,113,903 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Rates

Currently, the average interest rate on a 5/1 ARM is 5.57%, up from a 52-week low of 4.38%. Last week, the average rate was 5.50%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 5.57% will spend $572 per month in principal and interest.

Where are mortgage rates going this year?

Home loan rates have soared this year, from 3.22% in early January to 7.36% this week for the most popular 30-year fixed-rate mortgage. What happens next is anyone’s guess: a Forbes Advisor survey of experts predicts the year-end average between 5% and nearly 7%. If you’re looking for a mortgage right now, check out several lenders and lock in a rate as soon as a competitive offer comes along.

What is an APR and why is it important?

The APR, or annual percentage rate, includes the mortgage interest rate and lender fees over the life of the loan. This is an important number because it gives borrowers a better idea of ​​what they will pay for a mortgage, as it indicates the total cost of a mortgage if you hold it for the full term.