Good news: Today’s 15, 20 year mortgage rates fall below 6% | November 17, 2022

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Check out the mortgage rates for November 17, 2022, down from yesterday. (credible)

Based on data compiled by Credible, home purchase mortgage rates have fallen across all maturities since yesterday.

Prices were last updated on November 17, 2022. These prices are based on the assumptions shown here. Actual prices may vary. Credible, a personal finance marketplace, has over 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What that means: Mortgage rates for home purchases fell today across all repayment terms, with 20-year rates falling below 6% for the first time in 48 days. Buyers who want a low interest rate and lower monthly payment may want to take out a 20-year mortgage today, ahead of any likely interest rate 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 credibles mortgage calculator to estimate your monthly mortgage payments.

Based on data compiled by Credible, Mortgage Refinance Rates have fallen in all terms since yesterday.

Prices were last updated on November 17, 2022. These prices are based on the assumptions shown here. Actual prices may vary. With 5,000 reviews, Credible gets an “excellent” Trustpilot rating.

What that means: Mortgage refinance rates fell across all maturities today, with 15- and 20-year maturities falling below 6%. Homeowners looking for longer-term refinancing should secure a 20-year interest rate now before they’re likely to rise. Homeowners looking to make renovations can save more on interest with a payout refinance than if they used credit cards or personal loans to finance those improvements.

How mortgage rates have changed over time

Mortgage rates today are well below the highest annual average rate recorded by Freddie Mac of 16.63% in 1981, down from 3.94% in 2019. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners with mortgages dating back to 2019 and older could potentially make significant interest savings by refinancing at one of today’s lower interest rates. When considering a mortgage refinance or purchase, it’s important to consider closing costs such as appraisal, application, origination, and attorney fees. These factors, along with the interest rate and loan amount, contribute to the cost of a mortgage.

Do you want to buy a house? Credible can help you Compare current interest rates from multiple mortgage lenders instantly in just a few minutes. Use Credible’s online tools to compare rates and pre-qualify today.

Thousands of Trustpilot reviewers give Credible an excellent rating.

How credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors affect the movement of mortgage rates. Credible Average Mortgage Rates and Mortgage Refinance Rates presented in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The interest rates assume a borrower has a credit score of 740 and borrows a conventional loan on a single-family home that will be their primary residence. The rates also require no (or very little) discount points and a 20% deposit.

The credible mortgage rates reported here only give you an idea of ​​the current average rates. The actual rate received may vary based on various factors.

How much can I borrow for a mortgage?

It’s important to have an idea of ​​how much you can afford on a mortgage before you start home shopping or bidding on a house.

In general, the 28/36 rule is a good measure of how much you can borrow without stretching your finances. The rule states that your mortgage payment, including taxes and insurance, shouldn’t be more than 28% of your gross monthly income. And all of your debt, including your mortgage and other monthly expenses like car and student loan payments, shouldn’t exceed 36% of your gross monthly income.

For example, if your monthly gross income is $6,250 (annual salary $75,000), you should be able to afford a monthly payment of $1,750. And your total monthly debt shouldn’t exceed $2,250.

As a rule of thumb, you shouldn’t take out a mortgage that’s two to two and a half times your gross annual income. In the scenario above, the maximum you should borrow to buy a home is $187,500.

Ultimately, lenders determine how much you can afford to borrow by considering your income, debt, assets, credit history, and other financial factors.

When trying to find the right mortgage rate, consider using Credible. You can Use Credible’s free online tool Easily compare multiple lenders and view pre-qualified rates in just minutes.

Do you have a financial question but don’t know who to contact? Email The Credible Money Expert at and your question could be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgage lending, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for the past four years. His work has been featured by MSN, AOL, Yahoo Finance and others.

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