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The average rate on a 30-year fixed mortgage is 5.99% with an APR of 6.01%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 5.23% with an APR of 5.25%. On a 30-year jumbo mortgage, the average rate is 6.00% with an APR of 6.01%. The average rate on a 5/1 ARM is 4.50% with an APR of 6.21%.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage Interest Rates
Today, the average rate for the benchmark 30-year fixed mortgage fell to 5.99% from 6.03% yesterday. One week ago, the 30-year fixed was 5.96%. The 52-week high is 6.11%.
On a 30-year fixed mortgage, the APR is 6.01%, 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.
At an interest rate of 5.99%, a 30-year fixed mortgage would cost $599 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $115,607 over the life of the loan.
15-Year Mortgage Interest Rates
Today’s 15-year, fixed-rate mortgage is 5.23%, up 0.11% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.12%. Today’s rate is higher than the 52-week low of 4.62%.
The APR on a 15-year fixed is 5.25%. It was 5.14% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.23% will cost $803 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $44,509 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.00%— 0.01% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.07%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.00% will cost you $600 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,501.
5/1 Adjustable-Rate Mortgage Rates
The current average interest rate on a 5/1 ARM is 4.50%. The 52-week low was 4.09% compared to a 52-week high of 4.50%.
If you lock in today’s 5/1 ARM interest rate of 4.50% on a $100,000 loan, your monthly payments (including principal and interest) will be $507.
How Much House Can I Afford?
The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.
Here are a few important factors that go into home affordability:
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.