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The average rate on a 30-year fixed mortgage is 5.80 with an APR of 5.81, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.95 with an APR of 4.98. On a 30-year jumbo mortgage, the average rate is 5.81 with an APR of 5.81. The average rate on a 5/1 ARM is 4.26 with an APR of 5.70.
Related: Compare Current Mortgage Rates
30-Year Mortgage Rates
The average rate fell on a 30-year fixed mortgage, slipping to 5.80 from 5.84 yesterday. The 52-week high is 6.11%.
On a 30-year fixed mortgage, the APR is 5.81, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $588 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.80. You’d pay around 50,149 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
The average interest rate on the 15-year fixed mortgage is 4.95. This same time last week, the 15-year fixed-rate mortgage was at 4.89. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 4.98. This time last week, it was 4.92.
With an interest rate of 4.95, you would pay $534 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay 41,968 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate is 5.81, higher than it was at this time last week. The average rate was 5.58 at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.11%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.81 will pay $589 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $589, and you’d pay around 50,343 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
On a 5/1 ARM, the average rate remained at 4.26. The average rate was 4.30 last week. Today’s rate is currently lower than the 52-week high of 4.32%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.26 will pay $493 per month in principal and interest.
Calculate Your Mortgage Payment
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually afford.
To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.
Here’s what you’ll need in order to calculate your monthly mortgage payment:
- The home price
- Your down payment amount
- The interest rate
- The loan term
- Any taxes, insurance and any HOA fees
What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.
You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.
The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.
What Is APR?
APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.
APR can help you understand the total cost of a mortgage if you keep it for the entire term. Keep in mind that the APR is often higher than the interest rate.