Mortgage Payment Shifts: How Today’s Rates Compare to Just 6 Weeks Ago!
:max_bytes(150000):strip_icc()/11.25-VioletaStoimenova-ab626da176cf4cf3a0820ca005f530eb.jpg?w=1500&resize=1500,1000&ssl=1 "Mortgage Payment Shifts: How Today’s Rates Compare to Just 6 Weeks Ago!")
Key Insights You Don’t Want to Miss!
- Exciting news! Mortgage rates for key loan types took a slight dip this past week.
- The 30-year fixed-rate average experienced a tiny drop of 1 basis point, settling at 6.91%.
- 15-year loans followed suit, inching down to an average of 6.09%.
- Even Jumbo 30-year rates saw a small decline, now averaging 6.90%.
- Stay tuned as we break down how these changes impact your monthly payments across all major loan types!
More exciting details await below these special offers from our partners.
Mortgage Rates on the Rise for Most Loan Types
After a whirlwind of fluctuations, mortgage rates have mostly stabilized this past week. While the latest Friday-to-Friday changes brought some relief with an average decrease of up to 17 basis points, most loan types experienced only subtle shifts.
Let’s dive into the specifics of how each loan type performed from November 15 to November 22. We’ll also explore the three most common mortgage types: 30-year, 15-year, and Jumbo 30-year fixed-rate loans.
| Mortgage Type | Nov. 15 National Average | Nov. 22 National Average | Friday-to-Friday Change |
|---|---|---|---|
| 30-Year Fixed | 6.92% | 6.91% | -0.01 |
| FHA 30-Year Fixed | 6.72% | 6.72% | No Change |
| VA 30-Year Fixed | 6.36% | 6.34% | -0.02 |
| 20-Year Fixed | 6.84% | 6.82% | -0.02 |
| 15-Year Fixed | 6.10% | 6.09% | -0.01 |
| FHA 15-Year Fixed | 6.40% | 6.40% | No Change |
| 10-Year Fixed | 6.11% | 6.15% | +0.04 |
| 7/6 ARM | 7.73% | 7.56% | -0.17 |
| 5/6 ARM | 7.76% | 7.64% | -0.12 |
| Jumbo 30-Year Fixed | 6.95% | 6.90% | -0.05 |
| Jumbo 15-Year Fixed | 6.93% | 6.99% | +0.06 |
| Jumbo 7/6 ARM | 7.25% | 7.20% | -0.05 |
| Jumbo 5/6 ARM | 7.43% | 7.36% | -0.07 |
30-Year Mortgage Rates Steady with a Slight Dip
The rates for 30-year fixed-rate mortgages remained largely steady last week. After reaching an average of 6.92% on November 15, rates fluctuated between 6.88% and 6.93% throughout the week. This small dip of just 1 basis point leaves the average at 6.91%.
Just a couple of months ago, in September, the 30-year average plummeted to a two-year low of 5.89%, while the cheapest average was 6.03%. Sadly, since then, rates have climbed in six out of the past nine weeks.
15-Year Mortgage Rates barely budged
Rates for 15-year fixed-rate mortgages also saw a minimal drop of 1 basis point, now averaging 6.09%. This is just shy of the highest level since early July. Similar to 30-year loans, 15-year mortgage rates hit a two-year low in September, falling to 4.97% (with the lowest Friday average being 5.07%).
Jumbo 30-Year Rates Took a Slight Hit
Jumbo 30-year rates also experienced a slight decrease last Friday, dropping by 5 basis points from the previous week’s average of 6.95% to 6.90%. However, this remains significantly higher compared to mid-September, when rates hit a 19-month low of 6.24% (with a low Friday average of 6.40%).
What is a Jumbo Loan?
A jumbo mortgage is a loan that exceeds the maximum limits set for conforming loans by Fannie Mae and Freddie Mac. This limit is currently $766,550 for single-family homes in most areas of the U.S. and goes up to $1,149,825 in some high-cost regions.
Monthly Payments Comparison Over the Last Six Weeks
Curious how this week’s mortgage rates translate into your estimated monthly payments? Below, we break down the principal-plus-interest payments for various loan amounts across 30-year, 15-year, and Jumbo fixed-rate mortgages.
| 30-Year Loan Monthly Payments – Last 6 Weeks | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $200K | $300K | $400K | $500K | $600K | |
| Fri, Nov. 22 | 6.91% | $1,319 | $1,978 | $2,637 | $3,296 | $3,956 |
| Fri, Nov. 15 * | 6.92% | $1,320 | $1,980 | $2,640 | $3,300 | $3,960 |
| Fri, Nov. 8 | 6.75% | $1,297 | $1,946 | $2,594 | $3,243 | $3,892 |
| Fri, Nov. 1 | 6.90% | $1,317 | $1,976 | $2,634 | $3,293 | $3,952 |
| Fri, Oct. 25 | 6.76% | $1,299 | $1,948 | $2,597 | $3,246 | $3,896 |
| Fri, Oct. 18 ** | 6.56% | $1,272 | $1,908 | $2,544 | $3,180 | $3,816 |
| * Highest Week | ||||||
| ** Lowest Week | ||||||
| 15-Year Loan Monthly Payments – Last 6 Weeks | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $200K | $300K | $400K | $500K | $600K | |
| Fri, Nov. 22 | 6.09% | $1,697 | $2,546 | $3,395 | $4,244 | $5,092 |
| Fri, Nov. 15 * | 6.10% | $1,699 | $2,548 | $3,397 | $4,246 | $5,096 |
| Fri, Nov. 8 | 5.91% | $1,678 | $2,517 | $3,356 | $4,195 | $5,034 |
| Fri, Nov. 1 | 6.01% | $1,689 | $2,533 | $3,378 | $4,222 | $5,066 |
| Fri, Oct. 25 | 5.90% | $1,677 | $2,515 | $3,354 | $4,192 | $5,031 |
| Fri, Oct. 18 ** | 5.65% | $1,650 | $2,475 | $3,300 | $4,125 | $4,950 |
| * Highest Week | ||||||
| ** Lowest Week | ||||||
Jumbo 30-year mortgages typically involve higher loan amounts, so we calculated payments for loans ranging from $800,000 to $1.2 million.
| Jumbo 30-Year Loan Monthly Payments – Last 6 Weeks | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $800K | $900K | $1M | $1.1M | $1.2M | |
| Fri, Nov. 22 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| Fri, Nov. 15 * | 6.95% | $5,296 | $5,958 | $6,619 | $7,281 | $7,943 |
| Fri, Nov. 8 | 6.84% | $5,237 | $5,891 | $6,546 | $7,201 | $7,855 |
| Fri, Nov. 1 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| Fri, Oct. 25 | 6.79% | $5,210 | $5,861 | $6,513 | $7,164 | $7,815 |
| Fri, Oct. 18 ** | 6.57% | $5,093 | $5,730 | $6,367 | $7,003 | $7,640 |
| * Highest Week | ||||||
| ** Lowest Week | ||||||
How We Track Mortgage Rates
The national and state averages listed above are sourced directly from the Zillow Mortgage API, based on an assumed loan-to-value (LTV) ratio of 80% (meaning a down payment of at least 20%) and a credit score ranging from 680 to 739. These rates reflect what borrowers can expect when seeking quotes from lenders, which may differ from any advertised promotional rates.
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