Mortgage Rates Today, Nov 22: 30-Year Refinance Rate Rises by 3 Basis Points

Homeowners looking to refinance their mortgages will find that Mortgage Rates Today, Nov 22, show a slight uptick, with the 30-year refinance rate rising by 3 basis points. According to Zillow, the national average for a 30-year fixed refinance loan now sits at 6.86%. While this change might seem small, it’s a signal that even minor shifts can impact your monthly payments, and it underscores the importance of staying informed about current refinance rates.

Mortgage Rates Today, Nov 22: 30-Year Refinance Rate Rises by 3 Basis Points

Understanding the Latest Mortgage Rate Movement

This week's movement, a small jump from last week's average of 6.83% to 6.86%, serves as a gentle nudge, not a drastic change. However, my experience tells me that even a difference of three-hundredths of a percent can matter, especially when you're dealing with larger loan amounts. For instance, if you're looking to refinance a $400,000 mortgage, this small increase could add about $10 to $15 to your monthly payment. Over the lifespan of a loan, that can add up. It’s a good reminder that timing your refinance can be a strategic financial move.

Navigating Your Refinance Options: 30-Year Fixed, 15-Year Fixed, and 5-Year ARM

When you're thinking about refinancing, you have a few main paths you can take. Today's rates present a clear picture of the choices available:

• 30-Year Fixed Refinance Rate: Currently at 6.86%. This is the most popular option because it offers predictable monthly payments for a long time. Your principal and interest payment will stay the same for the entire loan term, providing great stability. It’s a solid choice if you value a lower monthly payment and don't mind paying interest for a longer period.
• 15-Year Fixed Refinance Rate: Sitting at 5.78%. This option comes with a catch: your monthly payments will be higher because you're paying off the loan twice as fast. But the upside is huge. You'll build equity much quicker, and over the life of the loan, you’ll pay significantly less in total interest. It's ideal for borrowers who can comfortably afford the higher payments and want to be mortgage-free sooner.
• 5-Year Adjustable-Rate Mortgage (ARM) Refinance Rate: Currently at 7.40%. ARMs can be enticing because they often start with a lower introductory interest rate than fixed loans. The rate is fixed for the initial period (in this case, five years), and then it adjusts periodically based on market conditions. While it can offer savings upfront, it also carries risk. If interest rates go up after your fixed period, your monthly payments could increase substantially. In today's market, many borrowers I speak with are leaning towards the security of fixed rates to avoid any surprises down the line.

Is Today the Right Day to Refinance? Weighing the Timing

The big question on everyone's mind is, “Is now a good time to refinance?” Seeing these mortgage rates today hover around the 6.86% mark for a 30-year fixed indicates a period of relative stability. This can be a good sign for homeowners who have been watching rates and waiting for a favorable moment. If your current mortgage rate is higher than this, refinancing could still lead to noticeable savings on your monthly bills and the total interest you pay over time.

However, as someone who follows these markets closely, I know that things can change quickly. Economic factors, inflation concerns, and decisions made by the Federal Reserve all play a role. While rates are currently below the 7% threshold, which is a positive sign for many, there’s always a possibility they could shift. Acting sooner rather than later, particularly if you can lock in a rate below your current one, might be a smart move before any year-end market fluctuations or potential rate increases in the new year.

Why Are Refinance Rates Staying Steady Amidst Market Uncertainty?

It’s interesting how refinance rates have held their ground lately. The 30-year fixed rate has been dancing around 6.8% for a few weeks now. From my perspective, this points to a cautious optimism in the financial markets. Inflation seems to be cooling off a bit, and the Federal Reserve has paused its interest rate hikes, which generally helps stabilize mortgage rates.

The market is in a bit of a holding pattern, and the Federal Reserve minutes from November 19, 2025, really highlight this. There’s a split among the people who set interest rates: some think it’s time to lower rates to help the economy grow, while others believe it's better to keep them where they are because inflation is still a concern and the job market is cooling down.

This uncertainty means that the upcoming Fed meeting in mid-December will be a really big deal. If the latest reports on inflation show a continued slowdown and the job market keeps cooling, we might see the Fed consider cutting interest rates. This could, in turn, push mortgage rates down. But if inflation proves stubborn, the Fed might decide to keep rates high, meaning borrowing costs would stay elevated into the beginning of 2026. So, we're in a bit of a waiting game, but the next few weeks will likely shape how affordable mortgages are as we head into the new year.

Looking Ahead: Refinancing in late 2025 and into 2026

As we wrap up 2025, I anticipate a potential increase in refinancing activity. Many homeowners might be looking to lock in current rates, possibly for the first time in a while, or perhaps to tap into their home equity before the new year. While most analysts predict only modest changes in rates through December, unexpected global events or economic news could certainly cause things to shift. My advice is always to be prepared. If you're even thinking about refinancing, it's smart to start exploring your options now. It's better to get a head start before lenders potentially tighten their lending criteria or if rates start to climb in the first quarter of 2026.

Here’s a quick snapshot of the rates I’m seeing:

Loan Type	Current Rate (Nov 22, 2025)	Previous Week Average
30-Year Fixed	6.86%	6.83%
15-Year Fixed	5.78%	Stable
5-Year ARM	7.40%	Stable

Remember, these are national averages. Your specific rate will depend on your credit score, loan-to-value ratio, and the lender you choose. It's always a good idea to shop around and compare offers from multiple lenders.