Demand for mortgages declined this past week due to higher mortgage rates and the holiday shortened week.
Current mortgage rates on 30 year conventional loans increased 0.10 percent to 4.33 percent today. As a result of higher mortgage rates, loan demand declined 12.8 percent from the week before, according to the Mortgage Bankers Association.
While
mortgage rates today are higher than they were just a month ago, rates are still incredibly low. A conforming 30 year mortgage rate under 4.50 percent is a really low rate. In fact, there are lenders offering mortgage rates even lower than the average 30 year rate. Right now in our database we have lenders quoting 30 year mortgage rates under 4.00 percent with points.
Higher Mortgage Rates This Week Zap Refinance Demand
Unfortunately for homeowners looking to refinance, higher rates makes refinancing less attractive. In the MBA report this week, applications to refinance fell the most - down 18 percent week over week, to the lowest level since the first week of September.
Slightly higher mortgage rates haven't killed demand for loans when it comes to home purchases. Mortgage applications to purchase a home fell only 4 percent. Seasonally speaking, this time of year the demand for mortgage loans generally slows down as homebuyers and sellers wait for the new year.
Today's Mortgage Rates on Jumbo Mortgages
30 year jumbo mortgage rates are averaging 4.46 percent today, an increase from last week's average 30 year jumbo mortgage rate of 4.41 percent. If you're shopping for jumbo rates, we have lenders in our database quoting rates below the average and below 4.00 percent, depending on the state in which you live.
Today's mortgage rates on 15 year jumbo mortgage loans are slightly higher this week, averaging 3.74 percent. Last week's average 15 year jumbo mortgage rate was lower at 3.69 percent. The lowest 15 year jumbo rates in our database are lower than the average, which is around 3.25 percent.
Refinance to a 15 Year Mortgage Instead of Another 30 Year Mortgage
Today's mortgage rates on 15 year conforming mortgages also rose this week to 3.46 percent, an increase from the previous week's average 15 year mortgage rate of 3.36 percent. If you're thinking about refinancing a 30 year loan, have you considered refinancing to a shorter term loan?
Refinancing from a 30 year loan to a 15 year or even 10 year loan will save you an incredible amount of money in the form of interest payments. On a $400,000 loan you will save hundreds of thousands of dollars in interest payments with a 15 year loan instead of a 30 year loan.
Using our
mortgage calculator to compare the difference on a $400,000 loan, the total mortgage interest payments on a 30 year loan with a rate of 4.33 percent comes to $315,153.34. For a 15 year $400,000 loan with a rate of 3.46 percent, the total interest payments come to $113,302.34. That is savings of $201,851.00!
The one drawback to a 15 year loan over a 30 year loan is that your monthly payments will be higher. Using the example above, the monthly payment on the 30 year loan is $1,986.54, whereas the monthly payment on a 15 year loan is $2,851.68. The difference of $865.14 a month may well be worth it.
The lenders whose rates and other terms appear on this chart are ICBs advertising partners they provide their rate information to our data partner RateUpdatecom Unless adjusted by the consumer advertisers are sorted by APR lowest to highest For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart Advertising partners may not pay to improve the frequency priority or prominence of their display The interest rates annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums The actual payment obligation will be greater if taxes and insurance are included Although our data partner RateUpdatecom collects the information from the financial institutions themselves the accuracy of the data cannot be guaranteed Rates may change without notice and can change intraday Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders Please verify the rates and offers before applying for a loan with the financial institution themselves No rate is binding until locked by a lender
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
Mortgage Rates November 29, 2023
30-Year Fixed FHA
7.250%
9.002%
0.000
30-Year Fixed
8.375%
8.498%
0.000
30-Year Fixed
8.250%
8.411%
0.000
5/6M SOFR ARM
8.250%
8.361%
0.000
20-Year Fixed
8.150%
8.354%
0.000
5Y/6M ARM
8.000%
8.348%
0.991
10Y/6M ARM
8.000%
8.295%
0.812
5-Year ARM FHA
6.625%
8.277%
2.000
1-Year ARM
6.750%
8.270%
0.000
5-Year Jumbo ARM
6.125%
8.242%
2.000
5-Year ARM
6.500%
8.213%
2.000
7Y/6M ARM
7.750%
8.176%
0.842
10-Year ARM
8.000%
8.174%
0.000
5/1 ARM
7.500%
8.051%
0.950
30-Year Fixed
8.000%
8.000%
0.000
10/1 Jumbo ARM
7.625%
7.975%
0.990
7-Year ARM
7.500%
7.959%
0.000
30-Year Fixed
7.875%
7.957%
0.250
15-Year Fixed VA
6.750%
7.929%
2.000
15-Year Fixed FHA
6.750%
7.929%
2.000
30-Year Fixed FHA
6.990%
7.913%
2.000
30-Year Jumbo Fixed
7.750%
7.911%
1.000
30-Year Fixed FHA
6.990%
7.907%
2.000
20-Year Fixed
7.625%
7.906%
0.512
30 Year Fixed
7.625%
7.891%
0.958
5/6 ARM
7.625%
7.884%
0.000
30-Year Fixed
7.750%
7.833%
0.000
7/1 ARM
7.250%
7.815%
0.715
5/1 Jumbo ARM
6.875%
7.764%
0.700
30-Year Fixed Jumbo
7.750%
7.760%
0.000
20-Year Fixed
7.500%
7.747%
0.000
15-Year Fixed
7.500%
7.746%
0.000
30-Year Fixed
7.625%
7.740%
0.000
20-Year Fixed
7.500%
7.735%
1.000
30-Year Fixed
7.375%
7.725%
2.125
5/6 Month ARM
6.750%
7.710%
1.000
5/1 ARM Jumbo
7.000%
7.705%
0.000
30-Year Fixed Jumbo
7.250%
7.700%
0.500
5/6 ARM
6.750%
7.700%
0.500
30-Year Fixed
7.500%
7.691%
0.000
15-Year Fixed
7.500%
7.682%
0.000
30-Year Fixed
7.500%
7.682%
1.000
30-Year Fixed
7.625%
7.669%
0.000
5/1 ARM
6.875%
7.668%
0.000
5/6 ARM Jumbo
6.750%
7.640%
0.500
10/6 ARM
7.250%
7.640%
0.000
7/6 ARM
7.000%
7.632%
0.000
7/6 Month ARM
7.000%
7.627%
1.000
15-Year Fixed
7.625%
7.625%
0.000
3-Year ARM
7.000%
7.605%
0.000
5-Year ARM
7.250%
7.600%
0.000
10-Year Fixed
7.250%
7.591%
0.000
7/6-Month ARM
6.750%
7.591%
1.000
7/1 ARM
7.000%
7.577%
0.000
30-Year Fixed
7.500%
7.577%
0.000
30-Year Fixed FHA
6.750%
7.572%
1.000
7/1 ARM Jumbo
6.999%
7.570%
0.000
10/6 ARM
7.125%
7.560%
0.500
15-Year Fixed
7.375%
7.558%
0.000
30-Year Fixed
7.375%
7.524%
1.000
10-Year Fixed
7.125%
7.524%
1.000
7/6 ARM
6.750%
7.520%
0.500
30-Year Fixed
7.250%
7.520%
0.955
30-Year Fixed
7.500%
7.514%
0.000
30-Year Fixed
7.500%
7.512%
0.000
15-Year Fixed
7.375%
7.505%
0.000
30-Year Fixed
7.350%
7.500%
0.750
10/6 ARM Jumbo
7.125%
7.500%
0.500
30-Year Fixed
7.125%
7.489%
2.000
15-Year Fixed
7.250%
7.480%
0.000
30-Year Fixed
7.375%
7.462%
0.000
20-Year Fixed Jumbo
7.250%
7.462%
0.740
7/6 ARM Jumbo
6.750%
7.460%
0.500
15-Year Fixed
7.375%
7.444%
0.000
30-Year Fixed
3.375%
7.442%
0.000
10/1 ARM
6.875%
7.439%
0.740
30-Year Fixed FHA
6.750%
7.436%
2.000
30-Year Fixed VA
6.750%
7.436%
2.000
7/6-Month ARM Jumbo
6.625%
7.430%
1.000
30-Year Fixed VA
6.875%
7.427%
2.000
30-Year Fixed
7.375%
7.424%
0.000
7/1 Jumbo ARM
6.500%
7.406%
0.590
30-Year Fixed
7.250%
7.393%
0.000
30-Year Fixed
7.250%
7.385%
0.000
30-Year Fixed
7.300%
7.381%
0.000
15-Year Fixed
7.350%
7.379%
0.000
5/1 ARM
6.125%
7.371%
0.000
30-Year Fixed
7.250%
7.361%
0.000
20-Year Fixed
7.250%
7.354%
0.000
30-Year Fixed
7.250%
7.343%
1.000
30-Year Fixed
7.125%
7.334%
1.000
30-Year Fixed
7.250%
7.322%
0.000
30-year Fixed
7.250%
7.320%
0.500
30-Year Fixed
7.125%
7.316%
0.000
30-Year Fixed
6.990%
7.310%
2.125
30-Year Fixed Jumbo
7.250%
7.298%
0.000
30-Year Fixed Jumbo
7.125%
7.279%
0.665
10/6 Interest Only Jumbo ARM
6.750%
7.276%
1.000
15-Year Fixed Jumbo
7.125%
7.270%
0.500
20-Year Fixed Jumbo
7.125%
7.260%
0.500
20-Year Fixed
6.875%
7.256%
1.875
5/1 ARM
5.500%
7.250%
0.000
15-Year Fixed
7.125%
7.246%
0.000
15-Year Fixed
7.125%
7.240%
0.500
30-Year Fixed
7.000%
7.224%
1.000
15-Year Fixed
7.000%
7.220%
1.000
15-Year Fixed
7.000%
7.215%
0.000
15-Year Fixed
6.875%
7.215%
1.000
30-Year Fixed
7.000%
7.204%
1.000
30-Year Fixed
7.125%
7.197%
0.000
15-Year Fixed
7.000%
7.188%
0.625
10-Year Fixed
6.875%
7.187%
0.000
7/1 ARM
7.000%
7.186%
0.000
20-Year Fixed
7.000%
7.181%
0.000
15-Year Fixed Jumbo
6.875%
7.165%
0.925
10-Year Fixed
7.000%
7.160%
0.500
30-Year Fixed
6.990%
7.145%
0.688
20-Year Fixed
7.125%
7.141%
0.000
20-Year Fixed
7.000%
7.139%
0.000
15-Year Fixed
6.625%
7.099%
0.955
15-Year Fixed
6.875%
7.098%
0.000
15-Year Fixed
6.875%
7.092%
0.875
20-Year Fixed
7.000%
7.092%
0.000
15-Year Fixed
6.750%
7.084%
1.000
30-Year Fixed
7.000%
7.070%
0.000
15-Year Fixed
6.990%
7.067%
0.000
15-Year Fixed
7.000%
7.054%
0.000
15-Year Fixed
6.750%
7.029%
1.000
30-Year Fixed
6.875%
7.020%
1.000
15-Year Fixed
6.875%
7.013%
0.000
15-Year Fixed
6.875%
6.997%
0.000
30-Year Fixed
6.875%
6.988%
0.000
15-Year Fixed
6.750%
6.984%
1.000
5-Year ARM
6.750%
6.983%
0.000
20-Year Fixed
6.875%
6.970%
0.500
15-Year Fixed
6.375%
6.961%
2.125
30-Year Fixed
6.625%
6.944%
2.000
15 Year Fixed Jumbo
6.750%
6.943%
1.000
30-Year Fixed
6.740%
6.924%
0.000
15-Year Fixed
6.750%
6.917%
0.000
15 Year Fixed
6.500%
6.889%
0.844
15-Year Fixed
6.375%
6.871%
2.000
30-Year Fixed Jumbo
6.625%
6.869%
2.000
30 Year Jumbo Fixed
6.625%
6.869%
2.000
15-Year Fixed
6.750%
6.865%
0.000
30-Year Fixed Jumbo
6.625%
6.856%
1.250
30 Year Fixed Jumbo
6.750%
6.856%
1.000
20-Year Fixed
6.750%
6.839%
0.000
15-Year Fixed Jumbo
6.625%
6.826%
0.250
30-Year Fixed VA
6.500%
6.824%
1.000
15-Year Fixed
6.500%
6.795%
0.000
15-Year Fixed
6.750%
6.772%
0.000
10-Year Fixed
6.375%
6.768%
0.882
15-Year Fixed
6.250%
6.765%
2.000
30-Year Fixed
6.650%
6.750%
0.000
30-Year Fixed Jumbo
6.500%
6.722%
2.000
20-Year Fixed
6.625%
6.713%
0.601
15-Year Fixed
6.375%
6.653%
0.879
30-Year Fixed
6.250%
6.647%
1.000
15-Year Fixed
6.500%
6.609%
0.000
30-Year Fixed Jumbo
6.490%
6.575%
1.000
15-Year Fixed
6.375%
6.574%
0.250
30-Year Fixed FHA
5.625%
6.567%
1.125
15-Year Fixed Jumbo
5.875%
6.514%
2.000
30-Year Fixed
6.625%
6.474%
0.250
30-Year Fixed Jumbo
6.625%
6.474%
0.025
7/1 ARM
6.500%
6.218%
0.000
3/5 Jumbo ARM
5.000%
6.063%
0.250
3/5 Conforming ARM
5.000%
6.053%
0.250
5/5 Jumbo ARM
5.250%
5.989%
0.250
5/5 ARM
5.250%
5.989%
0.250
3/1 ARM
6.000%
5.892%
0.000
The mortgage rates presented are solely intended for informational use. Please consult the mentioned lenders for up-to-date mortgage rates. The actual mortgage rates and other loan conditions depend on the lender's approval and are not guaranteed.