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Today’s Mortgage Rates & Trends – November 2, 2021: Rates waver

Mortgage rates backed down Monday, building a yo-yo pattern over the past week-plus that sits a bit below recent highs, when averages came close to their most expensive levels of the calendar year. 30-Year Fixed 3.23% 3.33% FHA 30-Year Fixed 3.08% 3.32% Jumbo 30-Year Fixed 3.42% 3.59% 15-Year Fixed 2.51% 2.62% 5/1 ARM 2.52% 3.17% National averages of the lowest rates offered by more than 200 of the country’s top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700-760, and no mortgage points. Today’s National Mortgage Rate Averages

After rising Friday, the only day last week that rates saw an upswing, mortgage averages fell back Monday. The 30-year fixed-rate average dropped four basis points, to 3.23%., which is now 11 points under the 2021 high of 3.34%. Compared to early August, however, when a major rate drop brought the 30-year average down to 2.89%, today’s rate is a third of a percentage point more expensive.

The 15-year rate average also shed four points Monday, resting at 2.51%, which is now nine basis points below its YTD high. Meanwhile, the Jumbo 30-year average held steady at 3.42%, just four points lower than its highest rate of 2021. These averages are roughly a third of a percentage point above the early-August dip.

Refinance rates behaved similarly Monday, with the 30-year refinance average losing five points, the 15-year average dropping two, and the Jumbo 30-year average remaining flat. Rates to refinance 30-year and 15-year loans are currently 10 to 17 basis points more costly than new purchase rates.

The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive. They may involve paying points in advance, or may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan given the value of the home. 30-Year Fixed 3.23% -0.04 FHA 30-Year Fixed 3.08% -0.07 VA 30-Year Fixed 3.12% -0.08 Jumbo 30-Year Fixed 3.42% No Change 20-Year Fixed 3.01% -0.05 15-Year Fixed 2.51% -0.04 Jumbo 15-Year Fixed 3.14% -0.01 10-Year Fixed 2.44% -0.04 10/1 ARM 2.93% -0.17 10/6 ARM 4.25% -0.09 7/1 ARM 2.57% -0.01 Jumbo 7/1 ARM 2.30% -0.01 7/6 ARM 3.74% +0.03 Jumbo 7/6 ARM 2.84% No Change 5/1 ARM 2.52% +0.01 Jumbo 5/1 ARM 2.15% -0.02 5/6 ARM 4.16% -0.13 Jumbo 5/6 ARM 2.73% No Change 30-Year Fixed 3.33% -0.05 FHA 30-Year Fixed 3.32% -0.06 VA 30-Year Fixed 3.43% -0.06 Jumbo 30-Year Fixed 3.59% No Change 20-Year Fixed 3.13% -0.06 15-Year Fixed 2.62% -0.02 Jumbo 15-Year Fixed 3.41% +0.02 10-Year Fixed 2.56% -0.04 10/1 ARM 3.67% -0.10 10/6 ARM 4.38% -0.05 7/1 ARM 2.80% -0.01 Jumbo 7/1 ARM 2.57% -0.02 7/6 ARM 4.05% +0.02 Jumbo 7/6 ARM 3.11% No Change 5/1 ARM 3.17% No Change Jumbo 5/1 ARM 2.42% -0.01 5/6 ARM 4.22% -0.06 Jumbo 5/6 ARM 2.91% No Change Lowest Mortgage Rates by State

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