Mortgage rates for Nov. 22, 2021: Be thankful for today’s low interest rates
Kicking off Thanksgiving week, Guaranteed Rate mortgage rates dropped slightly for nearly all loan types on Nov. 22, 2021. Although current rates remain relatively unchanged from where they stood a week ago, every mortgage type except one saw day-over-day (DOD) decreases this morning. Interest rates could still go up in the near future, so it may be wise to lock in a lower rate while the opportunity is available.
30-year fixed rate
The 30-year fixed rate mortgage was the only loan type to see a rate increase today, Nov. 22, 2021. Currently, 30-year fixed rates sit at 3.250%*, which is a DOD increase of 12 basis points.** The APR on this type of mortgage went up as well, landing at 3.345% — a 12.5 basis-point DOD increase. Week-over-week (WOW) figures stayed the same for both interest rate and APR, even with the uptick in today’s 30-year fixed rate.
15-year fixed rate
Mortgage rates for 15-year fixed rate loans fared a bit better in comparison to 30-year loans, although the drop was fairly small. Rates for this loan type started the week at 2.375%, a DOD decrease of 0.5 basis points. The APR declined slightly as well — by 0.1 basis points — and currently stands at 2.539%. Like 30-year fixed rate mortgages, 15-year loans saw no WOW change in either interest rate or APR.
FHA 30-year fixed rate
Shifts in today’s FHA 30-year fixed rates are comparable to conventional 15-year mortgages. Interest rates for this loan type also went down 0.5 basis points DOD to wind up at 3.125%. Meanwhile, the APR sits at 3.908% today, which is a 0.2 DOD decrease. Like both conventional fixed rate mortgages, the interest rate and APR on FHA 30-year loans did not change week over week.
Compared with fixed rate offerings, adjustable rate mortgage (ARM) loans experienced slightly more rate fluctuation — at least week over week. Interest rates on 7-year ARMs sit at 3.125%. While that rate hasn’t budged over the last few days, it's dropped 37.5 basis points WOW. It’s been a similar story with the APR on 7-year ARMs: no DOD change, but a WOW 17.7-basis point decline to reach 3.015%.
The 10-year ARM was the only loan type to witness both DOD and WOW declines in interest rates today. Mortgage rates on 10-year ARMs are currently 3.125%, which is 0.5 basis points lower than the previous day and 12.5 basis points lower than the previous week. The APR did not see a DOD shift, however, starting the week at 3.070%. Even so, that figure marks a DOD decrease of 7.7 basis points.
Mortgage rates dropped overall today, Nov. 22, 2021, with 30-year fixed rate loans standing out as the lone outlier. Day-to-day rate fluctuations could very well mean that tomorrow’s rates will creep back up, so if you’re considering locking in your rate, you may want to decide soon. Speak to a mortgage expert to learn more about your options in today’s lending environment.
*Above scenarios assume a first lien position, 40 day rate lock on a primary residence and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Contact Guaranteed Rate for more information and up to date rates
**Basis points measure the percentage change on interest rates. One basis point represents a 0.01% shift.
Interest rates are based on a borrower profile fitting the following criteria:
- Zip code: 60031
- Home type: Single-family house
- Purchase price: $375,000
- Down payment: 20% ($75,000)
- Mortgage balance: $300,000
- FICO score: 740+
- Military member: No
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