Mortgages December Deals Dubbed Delightfully Low as Rates Drop Even Lower this Week!

Current Mortgage Interest Rates | November 25, 2023 - Rates See Slight Decrease for the Second Week in a Row

Our finance experts have answered countless home-buying questions and conducted unbiased product reviews (check out how we assess mortgages). While we do receive a commission from our partners in some cases, rest assured, our opinions are completely our own.

Now, let’s talk about the good news. Mortgage rates are on the decline across most terms this week. I repeat, we are witnessing a downward trend in rates. It’s like watching a rollercoaster chug its way to the lowest point before reaching the thrilling climax.

You want numbers? Well, the beloved 30-year mortgage rate has dropped by a whopping eight basis points from last week. That’s right, eight whole points! It’s like finding money in the pocket of your old jeans. The average rate stands at a desirable 6.91%. And hey, that’s not all. It’s even lower compared to the rate a month ago, which was a not-so-impressive 7.72%.

What’s causing this delightful turn of events, you ask? Positive economic data showing a slowdown in inflation has pushed mortgage rates down. It’s as if the mighty inflation beast is being tamed by the forces of the universe, allowing mortgage rates to relax and take a dip. And guess what? They may even fall further as inflation continues to retreat and the mighty Federal Reserve can ease its grip in the fight against rising prices.

So, for all you soon-to-be homeowners out there, this is incredible news. If you’ve been waiting for better rates before diving into the housing market, hold on to your hats! By the time the spring buying season of 2024 rolls around, you might just find yourself some sweet, sweet affordability.

Now, buckle up and prepare yourself for a whirlwind tour of the current mortgage rates for buying a home:

Current Mortgage Rates

Current Refinance Rates

Mortgage Calculator

Before we continue, let me introduce you to our handy-dandy free mortgage calculator. With this marvelous tool, you can see how today’s mortgage rates will affect your monthly payments. It’s like having a crystal ball that reveals the financial future of your dreams. By playing around with different rates and term lengths, you can also understand the total amount you’ll end up paying over the entire length of your mortgage. So go on, give it a whirl. And while you’re at it, click on “More details” for tips on how to save some cold, hard cash in the long run.

Now, let’s dive into the specifics of mortgage rates for buying a home:

30-Year Fixed Mortgage Rates Inch Down (-0.08%)

Ah, the tried and true 30-year fixed mortgage rate. It’s like the timeless classic that never goes out of style. And guess what? It just got even better. With a current average rate of 6.91% (down eight whole basis points from last week), it’s a deal you won’t want to miss. Just imagine paying a mere $659 monthly for every $100,000 you borrow. It’s like having your dream home at a dream price, without sacrificing your daily avocado toast fix.

20-Year Fixed Mortgage Rates Decrease (-0.13%)

If you’re not keen on the lengthy commitment of a 30-year mortgage, fear not. The 20-year fixed mortgage is here to save the day. It’s like the cool, rebellious sibling of the 30-year mortgage, offering a shorter term with lower rates. With an average rate of 6.58% (down 13 basis points from last week), you’ll be spending a mere $750 per month for every $100,000 borrowed. It’s like having the best of both worlds: a quicker path to homeownership while still having enough cash for your monthly supply of artisanal cheese.

15-Year Fixed Mortgage Rates Essentially Flat (-0.02%)

If you’re all about getting things done in a breeze and saving money in the long run, the 15-year fixed mortgage can be your hero. It’s like the Formula One car of mortgages, zooming past the competition with its speed and efficiency. And hey, the average rate is an enticing 6.29% (down a teeny-tiny bit from last week). This means you’ll pay only $860 each month for every $100,000 borrowed. Picture yourself cruising towards a financially secure future while your peers are stuck in the slow lane. Plus, you’ll get to use terms like “amortization” in casual conversation and impress your friends.

7/1 ARM Rates Drop (-0.35%)

Fancy yourself an adventurous spirit? Then the 7/1 adjustable mortgage rate might just be your cup of tea. It’s like embarking on a thrilling rollercoaster ride, never knowing what twists and turns await you. But don’t worry, the average rate is now a tantalizing 7.04% (down from last week), allowing you to hop on the ride without breaking the bank. For the first seven years, your monthly payment will only be $668 for every $100,000 borrowed. It’s like enjoying the thrilling loops and spins, only to step off the ride with a few extra bucks in your pocket.

5/1 ARM Rates Tick Up (+0.17%)

Are you ready for a wild ride? Brace yourself, because the 5/1 ARM rate is about to take you on an exhilarating journey. It’s like a rollercoaster that teases you with a few unexpected twists. With the average rate now sitting at 7.20% (a slight increase from last week), you’ll be paying $679 per month for every $100,000 borrowed. But here’s the catch, my adventurous friend – this rate is only valid for the first five years of your mortgage. After that, be prepared for some twists and turns as the rate adjusts annually. It’s like living life on the edge, never knowing what surprises await.

30-Year FHA Rates Dip (-0.21%)

For those who don’t quite fit into the conforming mortgage box, fear not. The 30-year FHA interest rate is here to save the day. It’s like a tailor-made suit, perfectly designed to fit your unique circumstances. With an average rate of 6.29% (a bit lower than last week), you can secure your dream home with a monthly payment of just $618 per $100,000 borrowed. And the best part? You’ll only need a 3.5% down payment and a credit score of 580 to qualify. It’s like getting the VIP treatment, even if your financial past has been a bit rocky.

30-Year VA Rates Go Down a Bit (-0.12%)

Attention all veterans! The 30-year VA mortgage rate is looking mighty fine these days. It’s like a personal thank-you for your service, wrapped up in a lower interest rate. With the average rate now standing at 6.16% (down from last week), you’ll be paying a delightful $610 per month for every $100,000 borrowed. Take advantage of this opportunity to secure your piece of the American dream. It’s like saluting the flag while enjoying the sweet taste of financial stability.

Phew, that was quite a ride, wasn’t it? But we’re not done just yet. Let’s move on to the thrilling world of mortgage refinance rates:

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Fall (-0.16%)

Are you looking to give your mortgage a makeover? Well, you’re in luck! The average 30-year refinance rate is now a tantalizing 7.10% (down from last week). It’s like getting a brand-new wardrobe without breaking the bank. With monthly payments of only $672 for every $100,000 borrowed, you’ll have plenty of spare cash to accessorize your life. Just keep in mind that refinancing into a longer term might lead to higher overall costs. But hey, you’ll have a bit more breathing room in your monthly budget, so it’s a win-win.

20-Year Fixed Refinance Up a Bit (+0.18%)

If you’re in the market for a mortgage makeover but don’t want to commit to a 30-year term, the 20-year fixed refinance option might be just what you’re looking for. It’s like finding the perfect outfit that fits your unique style and personality. However, it seems that the average rate has gone up just a smidge to 6.89% (compared to last week). But fear not, fashionista. With monthly payments of $769 for every $100,000 borrowed, you’ll still be strutting your stuff without breaking a sweat. It’s like dressing to impress while staying true to your budget.

15-Year Fixed Refinance Rates Barely Go Down (-0.05%)

Do you want to get ahead of the game and pay off your mortgage faster? Well, with the 15-year fixed refinance rate, you can be a financial superhero. It’s like sprinting towards the finish line while leaving your peers in the dust. The average rate is a respectable 6.62% (almost flat compared to last week). With monthly payments of $878 for every $100,000 borrowed, you’ll be whizzing past the competition in no time. Just be prepared for higher monthly payments. But hey, it’s a small price to pay for financial freedom, right?

7/1 ARM Refinance Rates Hold Steady (-0.02%)

Are you ready for another adrenaline-filled adventure? Well, hold on tight because the 7/1 ARM refinance rate is here to keep you on your toes. It’s like having a rollercoaster ride that never ends. The average rate stands at a thrilling 6.96% (remaining steady compared to last week). For the first seven years, you’ll enjoy monthly payments of $663 for every $100,000 borrowed. But remember, after that, get ready for some surprises as the rate adjusts annually. It’s like living life in a perpetual state of excitement.

5/1 ARM Refinance Rates Inch Up (+0.09%)

Are you an adrenaline junkie who craves excitement and a bit of risk? Then the 5/1 ARM refinance rate is calling your name. It’s like stepping onto the rollercoaster and feeling that surge of anticipation. With an average rate of 7.37% (a slight increase from last week), you’ll be paying $690 per month for every $100,000 borrowed. But here’s the catch – this rate is only valid for the first five years of your mortgage. After that, be prepared for some twists and turns as the rate adjusts. It’s like stepping into a world where every day is an adventure.

30-Year FHA Refinance Rates Decrease a Tiny Bit (-0.06%)

If you’re an FHA borrower looking to give your mortgage a fresh new look, you’re in luck. The 30-year FHA refinance rate has taken a small dip. It’s like a subtle makeover that brings out your best features. With an average rate of 6.37% (slightly down from last week), you’ll be paying a comfortable $624 per month for every $100,000 borrowed. So go ahead, give your mortgage a little extra love, and enjoy the fruits of a lower interest rate.

30-Year VA Refinance Rates Go Down (-0.38%)

Attention, veterans! It’s time to give your mortgage a well-deserved upgrade. The average 30-year VA refinance rate has gone down, giving you an opportunity to save some serious cash. It’s like a bonus in appreciation of your service. With an average rate of 6.36% (down from last week), you’ll only be paying $623 per month for every $100,000 borrowed. So go ahead and seize the moment. It’s like marching towards a brighter financial future while honoring your dedication to our great nation.

Phew, that was a wild ride, wasn’t it? But wait, there’s more! You’re probably wondering, “Are mortgage rates going down?” Well, my friend, the answer is a resounding “maybe.” Mortgage rates started their climb from historic lows in the second half of 2021, and they’ve been steadily climbing ever since. It’s like a thrilling hike up a mountain, admiring the breathtaking views along the way. However, with inflation on the decline, mortgage rates are expected to ease as well. But don’t hold your breath just yet. Average 30-year fixed rates are likely to remain in the 7% to 8% range for the foreseeable future. So, while we wait for those rates to take another joy ride down, you might want to explore other options.

For homeowners itching to unlock the value of their homes for a big purchase or a home renovation, a home equity line of credit (HELOC) could be your saving grace. It’s like finding a hidden treasure chest in your own backyard. A HELOC is a line of credit that lets you tap into the equity of your home. Think of it as a financial chameleon that adapts to your ever-changing needs. You can borrow what you need, just like swiping your credit card, without replacing your entire mortgage. And the best part? Current HELOC rates are relatively low compared to other loan options. It’s like having your cake and eating it too.

So there you have it, dear readers. The thrilling world of mortgage rates and refinancing, packed with twists, turns, and a sprinkle of humor. Whether you’re a future homeowner on the hunt for the perfect mortgage or a homeowner looking to revamp your mortgage, there’s a deal waiting for everyone. So buckle up, grab your calculator, and start exploring the exciting possibilities that lie ahead. And remember, if you need any advice or guidance, our finance experts are here for you every step of the way. Happy house hunting!