Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates remained unchanged today, keeping rates at historical lows.
As of today, the average rate on a 30-year fixed mortgage is 3.29% with an APR of 3.41%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.57% with an APR of 2.78%. On a 30-year jumbo mortgage, the average rate is 3.26% with an APR of 3.36%. The average rate on a 5/1 ARM is 2.74% with an APR of 4.07%.
Related: Compare Current Mortgage Rates
30-Year Fixed-Rate Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage stayed at 3.29%. This time last week, the 30-year fixed was 3.27%. The 52-week high is 3.37%.
The 30-year fixed mortgage APR is 3.41%. At this time last week, it was 3.40%. Here’s why APR is important.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay 437 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.29%. You’d pay about $57,466 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage is 2.57%. This same time last week, the 15-year fixed-rate mortgage was at 2.55%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 2.78%. Last week it was 2.75%.
At today’s interest rate of 2.57%, a 15-year fixed-rate mortgage would cost approximately 670 per month in principal and interest per $100,000. You would pay around $20,616 in total interest over the life of the loan.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 3.26%, lower than it was at this time last week. The average rate was 3.24% 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 3.26% will pay 436 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 3,268, and you’d pay approximately $426,539 in total interest over the life of the loan.
5/1 ARM Rates
The average interest rate on a 5/1 ARM is 2.74%, higher than the 52-week low of 2.83%. Last week, the average rate was 2.74%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.74% will pay 408 per month in principal and interest.
Calculating Mortgage Payments
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.
To calculate your monthly mortgage payment, here’s what you’ll need:
- Interest rate
- Down payment amount
- Home price
- Loan term
- 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
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.