Today’s mortgage and refinance rates: November 21, 2022 | Rates remain low in

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Mortgage rates remain significantly lower today than they were two weeks ago, which is good news for borrowers. 

As inflation continues to slow, mortgage rates should come down as well. But the job market is one area of the economy that’s showed continued strength in spite of the Federal Reserve’s hikes to the federal funds rate.

Last week, jobless claims fell, according to the Department of Labor. The most recent jobs report, released earlier this month, showed that the US economy gained more jobs than expected in October.

Fed Chair Jerome Powell has indicated that the central bank is watching the labor market as a key indicator of whether the economy is effectively cooling in response to its rate hikes. In his press conference following the Fed’s November meeting, Powell noted that the labor market is “out of balance.”

“Reducing inflation is likely to require a sustained period of below-trend growth and some softening of labor market conditions,” Powell said.

So far, markets expect a 50-basis-point hike from the Fed at its December meeting, according to the CME FedWatch Tool. But if economic data continues to show a still-heated job market and inflation doesn’t come down further, the Fed could opt for a larger hike. This would likely push mortgage rates back up.

Mortgage rates today

Mortgage type Average rate today















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