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The average rate on a 30-year fixed mortgage jumped by 12 basis points in the last week to 5.60%.
Meanwhile, the average rate on a 15-year fixed mortgage climbed 15 basis points during the same period to 4.92%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage Interest Rates
Today, the average rate for the benchmark 30-year fixed mortgage rose to 5.60% from 5.56% yesterday. One week ago, the 30-year fixed was 5.48%. The 52-week high is 6.11%.
On a 30-year fixed mortgage, the APR is 5.61%, 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 today’s interest rate of 5.60%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $573 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay about $47,840 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate sits at 4.92%, higher than it was at this time yesterday. Last week, it was 4.77%. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 4.94%. This time last week, it was 4.78%.
With an interest rate of 4.92%, you would pay $787 per month in principal and interest for every $100,000 borrowed.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 5.62%. Last week, the average rate was 5.47%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.11%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.62% will pay $574 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 $4,315.
5/1 ARM Interest Rates
The average interest rate on a 5/1 ARM sits at 4.21%, higher than the 52-week low of 3.89%. Last week, the average rate was 4.16%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.21% will pay $490 per month in principal and interest.
How to Calculate 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.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
To calculate your monthly mortgage payment, here’s what you’ll need:
- 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.
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.