Mortgage Rates Today, Thursday, November 20: Back on the Rise

If you're here looking for lower mortgage interest rates, today is definitely not your day.

The average interest rate on a 30-year, fixed-rate mortgage jumped to 6.28% APR, according to rates provided to NerdWallet by Zillow. This is 13 basis points higher than yesterday and 16 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

Keep in mind that mortgage rates are always on the move, and that if you're tracking rates day-to-day, you're going to see a lot of volatility. Zooming out and looking at the bigger picture — like a graph showing at least a month's worth of rate data — can help you see the overall trend.

» Take the next step: Compare mortgage rates from NerdWallet’s top lenders

📉 When will mortgage rates drop?

Investors have been divided on what the Federal Reserve will do at its next meeting on Dec. 9-10, with analysts now leaning towards “no change.” Lenders had been expecting that we’d get three cuts by the end of the year, and had baked these projections into their mortgage rate offers. Now that it’s looking like we may not see another cut in 2025, rates are moving back up.

The September jobs report was released by the Bureau of Labor Statistics seven weeks late on the morning of Nov. 20, providing a much-needed glimpse into official employment numbers.

The report was a mixed bag, as employers added 119,000 jobs in September at the same time that unemployment rose from 4.1% to 4.4% year-over-year.

This paints a somewhat complicated picture of the labor market, but doesn’t present an alarming case that needs to be addressed immediately — strengthening the argument for holding rates steady.

Next week, while many of us Nerds will have turkey on our minds, there are still a few things to watch. On Tues. Nov. 25, the National Association of Realtors will release October’s Pending Home Sales report. The Department of Labor will also release weekly initial jobless claims on Wednesday, a day early because of the Thanksgiving holiday.

» Learn more: How the Fed affects mortgage rates

🔁 Should I refinance?

Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).

With rates where they are right now, you may want to start considering a refi if your current rate is around 6.78% or higher.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a cash-out refinance than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan.

If you're looking for a lower rate, use NerdWallet's refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.

» Time to refi? Compare refinance rates from NerdWallet’s top lenders

🏡 Should I start shopping for a home?

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

If the answer is yes, don’t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.

NerdWallet’s affordability calculator can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you’re ready to buy.

» Is now a good time to buy? See NerdWallet’s analysis

🔒 Should I lock my rate?

If you already have a quote you’re happy with, you should consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.

Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.

» Stay informed: Check out NerdWallet's mortgage news hub for all our latest coverage.

🧐 Why is the rate I saw online different from the quote I got?

The rate you see advertised is a sample rate — usually for a borrower with perfect credit, making a big down payment, and paying for mortgage points. That won't match every buyer's circumstances.

In addition to market factors outside of your control, your customized quote depends on your:

• Credit score

• Debt-to-income ratio

• Employment history

• Down payment

• Type of mortgage

• Location and property type

• Loan amount

Even two people with similar credit scores might get different rates, depending on their overall financial profiles.

» Get the best rate for you: How to get the best mortgage rate

👀 If I apply now, can I get the rate I saw today?

Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.