--- title: Here Are Today's Best Mortgage & Refinance Rates for November 2, 2020 description: According to Redfin search data, residents are looking at leaving expensive states like New York and California. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 797 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ published: '2020-11-02T14:29:43.000Z' modified: '2024-01-10T16:03:57.000Z' section: Mortgages tags: - Apex39 - Apex41 - rates - today's rates word_count: 747 canonical: https://money.com/todays-mortgage-rates-11-2-2020/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Mortgage-Rate-Nov-2](https://img.money.com/2020/10/Mortgage-Rate-Nov-2.jpg) The average rate for a 30-year fixed-rate purchase mortgage was 3.579% on Friday. The average rate for a 30-year refinance was 4.318%. Money's current mortgage rates include data from over 8,000 lenders across the United States and are updated daily. These rates include [discount points](https://money.com/mortgage-discount-points-refinance/) and represent what a borrower with a 20% down payment and 700 credit scores — roughly the national average FICO score — would have been quoted. Mortgage rates vary from [state to state](https://money.com/best-mortgage-rates-by-state-tips/). On Friday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.324%. People looking for mortgages in Nevada saw the highest average rate at 3.838%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.041%, while those with credit of 640 or below were shown rates of 4.763% — a 1.722 percentage-point spread. You may be able to negotiate a [lower rate](https://money.com/get-the-lowest-mortgage-rate/) if you shop around or if you have other accounts with the lender. (Money's picks for the best mortgage lenders are [here.](https://money.com/best-mortgage-lenders/)) Currently, some banks are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly. Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.81% with 0.6 points paid for the week ending October 29. The mortgage purchaser's [weekly](https://money.com/current-mortgage-rates/) survey reflects borrowers who put 20% down on conforming loans and have excellent credit. ## Refinance rates today Money's survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.741% on Friday. Last October, the average mortgage rate (including fees) was 3.874%. A homeowner with a $200,000 mortgage balance currently paying 3.874% on a 30-year could potentially cut their monthly payment from $940 to $925 by financing at the current lower rates. To determine [if it's worth it to refinance your mortgage](https://money.com/is-now-a-good-time-to-refinance/), also consider the closing fees you paid on your current mortgage, how much your new lender is charging and how long you have left on your loan term. (Our picks for the best lenders for refinancing are [here](https://money.com/best-mortgage-refinance/)). ## What else is happening in the housing market right now? More people were looking to leave states with a higher cost of living than were looking to move in during the third quarter of 2020, according website search data from real estate brokerage [Redfin](https://www.redfin.com/news/migration-trends-pandemic-new-york-california/). California could see the largest exodus, with 53,000 more people looking to move out of California than were looking to move in. That's a 62% increase from the third quarter of 2019. It's the highest rate since 2017 when Redfin started tracking migration patterns. New York was next, with 47,000 more people interested in moving away. During the same period last year the gap was 35,000. Other places that saw an uptick in residents looking to move out of state were Massachusetts, Washington, D.C., and Illinois. The increase in the ability to work remotely has increased interest in areas with less population density and lower cost of living. If you leave one state, you are likely moving into another. Florida has generated the highest interest, as 22,000 more people are interested in moving into the state than want to move out, almost twice as many as in 2019 and the highest inflow for the state since 2017. Texas, Tennessee, North Carolina, and Nevada also saw more inbound interest. "New York's loss is Florida's gain. When the pandemic hit the U.S. in March, remote workers started leaving New York City and its ultra-expensive housing in search of wide-open spaces, sunshine, and affordable homes — all of which you can find in Florida, with the bonus of no state income tax," said Tayor Marr, Redfin Economist. "The trend has only intensified as the pandemic continues and people feel more certain of their remote work and school plans." ## Mortgage Term of the Week *Understanding the lingo can be key to avoiding mistakes when you are buying a home or refinancing your mortgage. F**or more read: [Everything You Need to Know About Mortgage Rates in 2020](https://money.com/mortgage-rates/).* **Closing Statement:** A report issued at closing that gives an account of the money paid and received at closing and includes information on escrow deposits, hazard insurance, and mortgage insurance. ## Bottom line: [Savvy Homebuyers Are Using an Under-the-Radar Strategy to Win Bidding Wars in 2020](https://money.com/coronavirus-real-estate-bidding-wars-escalation-clause/) [New Construction Home Sales Are Soaring, but Financing a Purchase Can Be Tricky](https://money.com/how-do-construction-loans-work/) [As Federal Protections Weaken, Here's a State-by-State Guide to Pandemic Eviction and Foreclosure Policies](https://money.com/pandemic-eviction-foreclosure-moratoriums-state-by-state/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-11-2-2020/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "rates", "item": "https://money.com/tag/rates/" }, { "@type": "ListItem", "position": 4, "name": "Here Are Today's Best Mortgage & Refinance Rates for November 2, 2020" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/todays-mortgage-rates-11-2-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-11-2-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for November 2, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-11-02T14:29:43.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-11-2-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-11-2-2020/#breadcrumb" }, "dateModified": "2024-01-10T16:03:57.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for November 2, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/10/Mortgage-Rate-Nov-2.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-Nov-2" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. 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