Today’s mortgage and refinance rates: November 23, 2022 | Rates inch up but remain low month over month

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Mortgage rates increased slightly today, but they’re still well below their recent peak. A month ago, 30-year fixed rates were spiking above 7%. This week, they’ve so far remained in the 6.3% to 6.4% range. 

But rates are still significantly higher than they were last year, when the average 30-year fixed mortgage rate hit an all-time low of 2.65%, according to Freddie Mac. We likely won’t see rates get that low again, at least not in the next few years.

Because rates are still relatively high, many would-be homebuyers are still hesitant to enter the market. As rates come down further in the new year, home shoppers should see their buying power increase somewhat. 

“As we move into 2023, one important thing to note is that while we are weathering a tougher market, these events are cyclical,” says Eileen Derks, senior vice president and head of mortgage at Laurel Road. “They have happened before, and they will happen again. Balance is what delivers consistency and stability in our economy. If macroeconomic balance is achieved in the next six to 12 or 18 months, I suspect we’ll see rates flatten out and likely float in the 4% to 6% range.”

Mortgage rates today
Mortgage refinance rates today
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Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.

By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal …read more

Source:: Businessinsider

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