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% Will Mortgage Rates Go Up In November 2022? Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card?
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories.
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But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: SeanPavonePhoto/Getty Images November 01, 2022 Erik J.
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Martin is a Chicago area-based freelance writer/editor whose articles have been featured in AARP The Magazine, Reader's Digest, The Costco Connection, The Motley Fool and other publications. He often writes on topics related to real estate, business, technology, health care, insurance and entertainment. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners.
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Here's an explanation for how we make money. Bankrate logo
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.
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We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first.
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All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.
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Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.Key Principles
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Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate.
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We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
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Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
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The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service.
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We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories.
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Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Autumn is here and the holidays are mere weeks away, but there’s not much to celebrate about the mortgage rate climate right now.
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As of mid-October, Bankrate’s benchmark averaged over 7 percent, more than double compared to this time last year. “The speed with which mortgage rates have increased in recent months has been whiplash-inducing and the cumulative effect — from near 3 percent at the beginning of the year to near 7 percent now — would’ve seemed laughably unlikely at the beginning of the year,” says Greg McBride, chief financial analyst for Bankrate. “Inflation running at 40-year highs will do that.” As a new month kicks off and the Federal Reserve meets once again, we asked the experts to offer their thoughts on the rate landscape in the next 30 days.
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One of the most volatile periods in decades
The we’ve observed over the past few months shows no signs of letting up in November, with record — and the Fed’s steps to address it — still one of the main culprits. (To be sure, 43 percent of economists in a recent believe we’re not out of the woods in terms of inflationary pressure.) For November, McBride forecasts rates to reach 7 percent to 7.25 percent for a 30-year mortgage and between 6.2 percent and 6.4 percent for a 15-year loan.
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“The economy remains resilient, the labor market strong and inflation stubbornly remains near 40-year highs, all of which forces the Federal Reserve to remain aggressive on interest rates,” says McBride. “Mortgage rates have bounded higher in response.” The speed with which mortgage rates have increased in recent months has been whiplash-inducing.
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— Greg McBride “The Fed is focusing on the stable prices portion of its dual mandate — the other goal being full employment — and recent data has shown little evidence that inflation is abating,” says Robert Johnson, professor of finance at the Heider College of Business at Creighton University. For November, Johnson expects the 30-year to jump to 7.7 percent and the 15-year to rise to 6.93 percent. “We’re in one of the most volatile periods in decades when it comes to mortgage rates, so it’s difficult to predict them with any degree of confidence,” says Rick Sharga, executive vice president of Market Intelligence for ATTOM.
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Still, Sharga anticipates the 30-year rate to waver between 7 percent and 7.5 percent this month, and potentially touch 8 percent. “Given the Federal Reserve’s lack of success so far, more increases to the fed funds rate are almost a certainty, which means there’s definitely an upside risk for mortgage rates,” says Sharga, who likewise predicts 15-year rates to range from 6.25 percent to 6.75 percent.
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Nadia Evangelou, senior economist and director of Real Estate Research for the National Association of Realtors, foresees the possibility of 7.5 percent rates. Fixed-rate mortgages align with the, and the spread between the two hasn’t widened much over the years.
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That’s not the case now, says Evangelou. “The historical spread between these two rates is 170 basis points,” says Evangelou, so “it’s surprising to see mortgage rates rise even faster than yields in the last several months. The current spread is nearly 280 basis points.” In a glimpse of what might come in 2023, however, analysts in a separate expect Treasury yields to stay flat.
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There are also other wild cards that could affect the housing market and mortgage rates in the near term — “for example, the midterm elections or a surge in COVID infections,” says Sharga. Any escalation of war or unrest could further increase upward pressure on rates, “as well as the economy entering a recession,” says Dennis Shirshikov, head of content for Awning, a portal for single-family investment properties, who anticipates 30-year rates to reach 7.75 percent and 15-year rates, 6.75 percent by month’s end.
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Refinancing much less appealing
With mortgage rates where they are, homebuyers and homeowners don’t have much incentive to purchase or refinance right now. Everyone’s financial situation and window of opportunity differ, however. If you’re looking to buy, “take your time, do your due diligence, negotiate and shop around for a mortgage,” says McBride.
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“There is no urgency to make the biggest financial decision of your life under duress, and it is OK to walk away rather than stretch beyond the boundaries of what you can realistically and practically afford.” One bit of good news: Sellers are much more willing to cut their list price, which could help offset a costlier mortgage. “Among recently sold properties that were on the market for more than a month, sellers had to drop prices by 12 percent on average,” says Evangelou. “However, buyers may need to reduce their affordable price point for their home search if they don’t want to go over their budget.” “There are fewer buyers on the market — even investor activity has slowed down,” says Sharga.
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“Sellers are more likely to negotiate terms, and home prices have declined over the last quarter. If you find a house you love and can comfortably afford, and if you are looking for a place to live for more than the next year or two, it’s not necessarily a bad time to buy.” Remember: You can choose to bite the bullet now with a higher rate and later if rates drop.
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If you’re a homeowner eager to refinance now, though, it’s probably wise to sit things out for a while. “I don’t anticipate that any refinancing opportunities will be attractive enough through the end of the year,” says Johnson.
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“Rates will most likely continue to rise, making refinancing much less appealing.” SHARE: Erik J. Martin is a Chicago area-based freelance writer/editor whose articles have been featured in AARP The Magazine, Reader's Digest, The Costco Connection, The Motley Fool and other publications.
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He often writes on topics related to real estate, business, technology, health care, insurance and entertainment. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
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