30 Year Fixed
2.87%    +0.02
15 Year Fixed
2.42%    +0.02
10YR Treasury
0.86%    +0.0343
Mortgage Rates Start New Week Slightly Higher
November 23, 2020

Everything is relative when it comes to following day-to-day movements in mortgage rates.  Yes, they're technically higher than they were on Friday afternoon, but they're still lower than just about any other day... ever.  Most prospective borrowers will see very little difference from last week.  On average, the actual interest rate itself (aka, the "note rate") is unchanged, in fact.  It's only when we get more granular and look at the closing cost side of the equation that rates got higher.

So if the note rate is the same as it was on Friday, why am I telling you rates are higher?

Rates are typically quoted in increments of 0.125%.  When it comes to financing hundreds of thousands of dollars, 0.125% actually accounts for a pretty big difference as far as mortgage lenders are concerned.  The bond market (which largely dictates day-to-day changes in rates) rarely moves enough for mortgage lenders to adjust rates by an entire 0.125%.  But it does move! 

To account for those smaller movements, lenders can adjust the "upfront cost" (or credit) associated with any given rate.  For instance, if you're being quoted 2.75% with zero lender closing costs and the mortgage bond market deteriorates a bit, you might be quoted 2.75% with 0.25 points of closing costs tomorrow.  Alternately, you may have an option to take a rate of 2.875% and receive a lender credit of 0.25 points.

The point is that day-to-day market movement often falls short of an entire 0.125% in rate.  You can either keep the same rate and pay a bit more upfront, or go to the next .125% higher and pay a bit less upfront.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 2.87% +0.02
15 Yr FRM 2.42% +0.02
FHA 30 Year Fixed 2.40% +0.05
Jumbo 30 Year Fixed 3.30% +0.05
5/1 Yr ARM 2.66% +0.01
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 2.99% 0.37 +0.01
15 Yr. Fixed 2.59% 0.35 +0.04
30 Yr. Jumbo 3.11% 0.28 -0.02
30 Yr. FHA 3.11% 0.37 +0.03
5/1 ARM 2.84% 0.53 +0.05
Freddie Mac **
30 Yr. Fixed 2.72% 0.70 -0.12
15 Yr. Fixed 2.28% 0.60 -0.06
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.85% 0.30 -0.26
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR UMBS 2.0 103.56 -0.08
30YR UMBS 2.5 104.69 -0.03
30YR GNMA 2.0 104.13 -0.02
30YR GNMA 2.5 104.91 -0.02
15YR UMBS 2.0 103.88 -0.06
15YR UMBS 2.5 103.95 -0.09
Yield Change
2 YR 0.1634% +0.0020
5 YR 0.3876% +0.0145
10 YR 0.8586% +0.0343
30 YR 1.5569% +0.0406
Prices as of: 11/23/2020 5:06PM EST
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender's rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.