Today’s best mortgage and refinance rates: Tuesday, November 17, 2020

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Mortgage rates have gone up since last Tuesday, while refinance rates have gone down. Both mortgage and refinance rates are low overall — but you’ll probably get a better deal with a fixed-rate mortgage than an adjustable-rate mortgage.

Fixed-rate mortgages keep your rate the same for the entire life of your mortgage. Adjustable-rate mortgages lock in your rate for the first few years, then adjust it once per year. Darrin English, Senior Community Development Loan Officer at Quontic Bank, told Business Insider that typically there’s an advantage to an adjustable-rate mortgage, like a lower interest rate.

But he points out that ARMs don’t currently follow that pattern. Fixed rates are better than adjustable rates right now, because lenders want to keep customers banking with them for as long as possible. The 30-year fixed rate is lower than the 5/1 ARM rate this week. And you’d risk your 5/1 ARM rate increasing in five years, whereas you could lock in a low rate for decades with a 30-year term.

If your finances are in a good place, then it could be a good time to get a fixed-rate mortgage or refinance.

The best mortgage rates Tuesday, November 17, 2020
Mortgage type
Average rate today
Average rate last week
Average rate last month
30-year fixed
2.84%
2.78%
2.81%
15-year fixed
2.34%
2.32%
2.35%
5/1 ARM
3.11%
2.89%
2.90%

Rates from the Federal Reserve Bank of St. Louis.

Mortgage rates have gone up since last Tuesday — 30-year fixed rates by six basis points, 15-year fixed rates by two basis points, and 5/1 adjustable rates by 22 basis points. Since this time last month, 30-year fixed rates and 5/1 adjustable rates have increased, while 15-year fixed rates have decreased by just one basis point.

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Mortgage rates are low in general right now. The trend downward becomes more apparent when you look at rates from 6 months and a year ago:

Mortgage type
Average rate today
Average rate 6 months ago
Average rate 1 year ago
30-year fixed
2.84%
3.28%
3.75%
15-year fixed
2.34%
2.72%
3.20%
5/1 ARM
3.11%
3.18%
3.44%

Rates from the Federal Reserve Bank of St. Louis.

Several factors affect mortgage rates. Lower rates are usually a sign of a struggling economy. As the coronavirus pandemic and economic crisis continue, rates will likely stay relatively low.

The best refinance rates Tuesday, November 17, 2020
Mortgage type
Average rate today
Average rate last week
Average rate last month
30-year fixed
3.09%
3.21%
3.13%
15-year fixed
2.56%
2.61%
2.59%
10-year fixed
2.57%
2.59%
2.59%

Rates from Bankrate.

Refinance rates are down since last Tuesday, and since this time last month.


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Source:: Business Insider

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