February 3, 2022—No Movement On Mortgage Rates – Forbes Advisor

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Mortgage rates didn’t budge today. Buyers—and homeowners looking to refinance—still have the ability to pick up a historically low rate.

As of today, the average rate on a 30-year fixed mortgage is 3.77% with an APR of 3.79%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 3.16% with an APR of 3.25%. On a 30-year jumbo mortgage, the average rate is 3.75% with an APR of 3.82%. The average rate on a 5/1 ARM is 2.84% with an APR of 4.07%.

Related: Compare Current Mortgage Rates

30-Year Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage remained at 3.77%. This time last week, the 30-year fixed was 3.78%. The 52-week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.79%, lower 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 464 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.77%. You’d pay around $67,130 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 sits at 3.16%. This same time last week, the 15-year fixed-rate mortgage was at 3.19%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 3.25%. Last week it was 3.29%.

With an interest rate of 3.16%, you would pay 698 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $25,695 in total interest.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate sits at 3.75%, lower than it was at this time last week. The average rate was 3.78% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.75% will pay 463 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 3,473, and you’d pay around $500,412 in total interest over the life of the loan.

5/1 ARM Rates

On a 5/1 ARM, the average rate remained at 2.84%. The average rate was 2.82% last week. Today’s rate is currently lower than the 52-week high of 3.43%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.84% will pay 413 per month in principal and interest.

Calculate Your Mortgage Payment

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky to figure out how much you can afford and what you’re paying for.

You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.

Here’s what you’ll need in order to calculate your monthly mortgage payment:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • HOA fees

How Much to Save for a House

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

  • Down payment
  • Inspection and appraisal
  • Closing costs
  • Ongoing costs
  • Home furnishings
  • Repairs and renovations

How Do I Get Preapproved for a Mortgage?

Getting preapproved for a mortgage can help you during the homebuying process. Mortgage preapproval represents a lender’s offer to loan you money. It can help you appear more attractive to sellers.

To get preapproved for a mortgage, start by gathering documents. You’ll need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns and any other documents your lender requires.

The lender you select will guide you through the preapproval process.

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