January 11, 2022—Mortgage Rates Hold Steady – Forbes Advisor

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It’s a good time to lock in a mortgage rate. The average rate on a 30-year fixed mortgage remained the same today, keeping rates at historical lows.

The average rate on a 30-year fixed mortgage is 3.29%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.57%. The average rate on a 30-year jumbo mortgage is 3.26%, and the average rate on a 5/1 ARM is 2.74%.

Related: Compare Current Mortgage Rates

30-Year Fixed-Rate Mortgage Rates

Today, the average rate for the benchmark 30-year fixed mortgage remained at 3.29%. One week ago, the 30-year fixed was 3.27%. The 52-week low is %.

The APR on a 30-year fixed is 3.41%. This time last week, it was 3.40%. APR is the all-in cost of your loan.

At an interest rate of 3.29%, a 30-year fixed mortgage would cost $437 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $57,466 over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

Today, the 15-year fixed mortgage rate sits at 2.57%, the same as it was one day ago. Last week, it was 2.55%.

The APR on a 15-year fixed is 2.78%. This time last week, it was 2.75%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 2.57% will cost $670 per month in principal and interest. Over the life of the loan, you would pay $20,616 in total interest.

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 than the 52-week low of %.

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 roughly $426,539 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

On a 5/1 ARM, the average rate stayed at 2.74%. The average rate was 2.74% last week. Today’s rate is currently .

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.

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.

Here’s what you’ll need in order 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’s an APR and Why Is It Important?

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.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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