Mortgage Rates Update November 2022: 30-Year Fixed at 7.39%, Trends & Insights

The 30-year fixed mortgage rate remains steady in early November 2022, holding at an average of 7.39%, just two-tenths of a percentage point below the recent 20-year peak recorded in October.

On Monday, the 30-year rate shifted by only a basis point, marking a slight two-day decrease of 0.1%. This rate is currently 19 basis points lower than its highest point reached two weeks prior.

Current National Mortgage Rate Averages

The 30-year fixed mortgage rate declined marginally for the second consecutive day, now averaging 7.39%. This keeps it within a narrow band approximately 0.19% below the 7.58% peak observed on October 23, the highest since early 2002.

Meanwhile, 15-year fixed rates saw a more notable drop of 11 basis points, settling at 6.72%. This figure is nearly one-third of a percentage point below its recent 15-year high of 7.03%.

Jumbo 30-year loan rates held steady at 6.15%, close to their highest level since 2010, when they averaged 6.27%.

Refinancing rates mirrored purchase rates closely on Monday: the 30-year refinance rate decreased by one basis point, the 15-year refinance rate fell seven basis points, and jumbo 30-year refinance rates remained unchanged. Currently, refinancing with a fixed-rate loan costs up to 45 basis points more than new purchase loans.

Since the historic rate drop in August 2021, mortgage rates surged sharply in the first half of 2022. The 30-year average peaked at 6.38% in mid-June, nearly 3.5 percentage points above the summer 2021 low of 2.89%. This autumn, rates have climbed even higher, surpassing June’s peak by 1.2 percentage points.

Important Considerations

Displayed mortgage rates represent averages based on offers from over 200 top lenders, assuming an 80% loan-to-value ratio and FICO scores between 700 and 760. These rates may differ from advertised teaser rates, which often involve upfront points or are tailored to borrowers with exceptional credit or smaller loan amounts relative to property value.

Use our Mortgage Calculator to estimate monthly payments across various loan scenarios.

Factors Influencing Mortgage Rate Fluctuations

Mortgage rates are influenced by a complex mix of economic indicators and industry dynamics, including the bond market—particularly 10-year Treasury yields—the Federal Reserve’s monetary policies, and lender competition. These combined factors make pinpointing a single cause for rate changes challenging.

This year, macroeconomic conditions have generally kept mortgage rates relatively low. The Federal Reserve’s ongoing bond purchases to counter pandemic-related economic pressures have been a significant factor, often more impactful than the federal funds rate.

Since June, the Fed has accelerated reductions in its balance sheet alongside a tapering of new bond purchases, actions that have contributed to rate movements. The Federal Open Market Committee (FOMC), which sets monetary policy, convenes approximately every six to eight weeks, with the next meeting scheduled for November 1-2.

Methodology

National average mortgage rates are calculated based on the lowest rates offered by more than 200 leading lenders nationwide. These calculations assume an 80% loan-to-value ratio and a borrower credit score between 700 and 760. Actual rates may vary depending on individual qualifications and loan specifics.

For state-specific best rates, we list the lowest available rate from surveyed lenders under the same assumptions.

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