September 22, 2022—Rates Hit A 52-Week High – Forbes Advisor

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Today, the average rate on a 30-year fixed mortgage is 6.53%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 5.75%. The average rate on a 30-year jumbo mortgage is 6.53%, and the average rate on a 5/1 ARM is 4.95%.

Related: Compare Current Mortgage Rates

Mortgage Rates for September 22, 2022

30-Year Fixed Mortgage Rates

Borrowers paid an average rate on a 30-year fixed-rate mortgage of 6.53%. This was up from the previous week’s rate of 6.24%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.54%. This is higher than last week when the APR was 6.25%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.53% will cost you about $634, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $128,255 in total interest over the life of the loan.

15-Year Mortgage Interest Rates

The average interest rate on the 15-year fixed mortgage sits at 5.75%. This same time last week, the 15-year fixed-rate mortgage was at 5.58%. Today’s rate is higher than the 52-week low of 4.62%.

On a 15-year fixed, the APR is 5.78%. Last week it was 5.60%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.75% will cost $830 per month in principal and interest. Over the life of the loan, you would pay $49,474 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.53%— 0.29% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.53%.

A 30-year jumbo mortgage at today’s fixed interest rate of 6.53% will cost you $634 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,760.

5/1 ARM Rates

Today’s average interest rate on a 5/1 ARM is 4.95%, up 0.24% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.11% and the high was 4.95%.

Borrowers with the current rate of 4.95% will spend $534 on principal and interest per month on a $100,000 loan.

Where Are Mortgage Rates Headed This Year?

In the first two quarters of 2022, rates for home loans rocketed and currently sit at about 6.53% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to climb—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.

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.

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