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Today, the average rate on a 30-year fixed mortgage is 5.64%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.94%. On a 30-year jumbo mortgage, the average rate is 5.67%, and the average rate on a 5/1 ARM is 4.24%.
Related: Compare Current Mortgage Rates
30-Year Fixed-Rate Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 5.64%, compared to last week when it was 5.46%. Over the last 52 weeks, the lowest rate was 5.26% and the high was 6.11%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 5.65%. The APR was 5.47% last week. APR is the all-in cost of your loan.
With today’s interest rate of 5.64%, a 30-year fixed mortgage of $100,000 costs approximately $577 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $107,577 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 4.94%, up 0.01% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 4.93%. Today’s rate is higher than the 52-week low of 4.62%.
The APR on a 15-year fixed is 4.96%. It was 4.95% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 4.94% will cost $788 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $41,781 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 5.67%— 0.21% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.11%.
A 30-year jumbo mortgage at today’s fixed interest rate of 5.67% will cost you $579 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,344.
5/1 Adjustable-Rate Mortgage Rates
The current average interest rate on a 5/1 ARM is 4.24%. The 52-week low was 3.90%% compared to a 52-week high of 4.32%.
If you lock in today’s 5/1 ARM interest rate of 4.24% on a $100,000 loan, your monthly payments (including principal and interest) will be $491.
Where Are Mortgage Rates Headed This Year?
Rates for home loans have soared this year, rising from 3.22% in early January to 5.64% this week for the most popular 30-year, fixed-rate mortgage. What happens next is anyone’s guess: a Forbes Advisor survey of experts predicts the year-end average anywhere from 5% to nearly 7%. If you are seeking a mortgage right now, consult multiple lenders and lock in a rate as soon as a competitive offer comes along.
How to Calculate Mortgage Payments
Before you look for a house, you should get to know your budget. This will give you an idea of the type of house you can afford. A good place to start is by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees