February 10, 2022—Mortgage Rates Start To Climb – Forbes Advisor

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For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates rose today, but rates overall are at historical lows.

Today, the average rate on a 30-year fixed mortgage is 4.01%, according to Bankrate.com, while the average rate on a 15-year mortgage is 3.38%. On a 30-year jumbo mortgage, the average rate is 3.99%, and the average rate on a 5/1 ARM is 2.85%.

Related: Compare Current Mortgage Rates

30-Year Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage inched up to 4.01%. One week ago, the 30-year fixed was 3.84%. The 52-week low is 2.91%.

The APR on a 30-year fixed is 4.00%. This time last week, it was 3.85%. APR is 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 478 per month in principal and interest (taxes and fees not included) at today’s interest rate of 4.01%. The total interest paid over the life of the loan will be around $72,077.

15-Year Mortgage Rates

Today, the 15-year fixed mortgage rate is 3.38%, higher than it was one day ago. Last week, it was 3.25%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed is 3.46%. This time last week, it was 3.34%.

At today’s interest rate of 3.38%, a 15-year fixed-rate mortgage would cost approximately 709 per month in principal and interest per $100,000. You would pay around $27,621 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 3.99%. Last week, the average rate was 3.84%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.94%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.99% will pay 477 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 3,576, and you’d pay around $537,465 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

The average interest rate on a 5/1 ARM sits at 2.85%, higher than the 52-week low of 2.82%. Last week, the average rate was 2.85%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.85% will pay 414 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.

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

Gather these data points 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?

The APR, or annual percentage rate, is the all-in cost of your loan. It includes your loan’s interest and finance charges, accounting 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.

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