Still time to save: 30-year mortgage rates fall for third consecutive day | Nov. 23, 2022
At 6.25%, 30-year mortgage rates offer a competitive rate and low monthly mortgage payment
Check out the mortgage rates for Nov. 23, 2022, which are largely down from yesterday. (Credible)
Based on data compiled by Credible, mortgage rates for home purchases have fallen for three key terms and risen for one other term since yesterday.
- 30-year fixed mortgage rates: 6.250%, down from 6.375%, -0.125
- 20-year fixed mortgage rates: 6.250%, up from 6.125%, +0.125
- 15-year fixed mortgage rates: 6.125%, down from 6.250%, -0.125
- 10-year fixed mortgage rates: 6.125%, down from 6.250%, -0.125
Rates last updated on Nov. 23, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
What this means: Rates for a 30-year mortgage edged down today, bringing rates for this popular repayment term to their lowest levels in nine days. Meanwhile, 10- and 15-year rates also fell slightly, and 20-year rates edged up. With rates for all mortgage repayment terms well under 7%, borrowers who want a longer term may want to consider locking in a rate today, ahead of likely fluctuations.
To find great mortgage rates, start by using Credible’s secured 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 your monthly mortgage payments.
Based on data compiled by Credible, mortgage refinance rates have fallen for three key terms and risen for one other term since yesterday.
- 30-year fixed-rate refinance: 6.250%, down from 6.375%, -0.125
- 20-year fixed-rate refinance: 6.250%, up from 6.125%, +0.125
- 15-year fixed-rate refinance: 6.125%, down from 6.250%, -0.125
- 10-year fixed-rate refinance: 6.125%, down from 6.250%, -0.125
Rates last updated on Nov. 23, 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 this means: Mortgage refinance rates fell across three key terms today, giving homeowners another opportunity to lock in a refinance rate well below 7%. At 6.25%, 20- and 30-year terms offer a desirable blend of a relatively low interest rate and manageable monthly payments. Homeowners looking to refinance to a longer term may want to lock in a rate now, ahead of likely increases.
How mortgage rates have changed over time
Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the 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 in 30 years.
The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. When considering a mortgage refinance or purchase, it’s important to take into account closing costs such as appraisal, application, origination and attorney’s 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 at once in just a few minutes. Use Credible’s online tools to compare rates and get prequalified today.
Thousands of Trustpilot reviewers rate Credible "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. Credible average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.
Credible mortgage rates reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.
Getting a mortgage vs. renting
If you’re wondering if you should buy a house or continue renting, no single answer is right for everyone. Whether you should buy or continue renting depends on many factors, including your personal financial situation, long-term goals, preferred lifestyle and market conditions in your area.
Buying a home does come with some distinct advantages that you can’t get from renting, including ...
- You can build equity. Home equity can help you build long-term wealth.
- You can personalize your living space more than with a rental that someone else owns.
- Owning a home can provide intangible benefits like pride of ownership, a sense of community and stability.
- Your mortgage payment may be less than rents in your area.
- Mortgage interest is usually tax-deductible.
If you’re 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 prequalified rates in just a few minutes.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s 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 more.