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30-year fixed mortgage rates fell today.
The average rate on a 30-year fixed mortgage is 6.00%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.19%. On a 30-year jumbo mortgage, the average rate is 5.88% and the average rate on a 5/1 ARM is 4.02%.
Related: Compare current mortgage rates
30-year fixed mortgage rates
The average rate fell on a 30-year fixed mortgage, falling to 6.00% from 6.10% yesterday. The 52-week high is 6.10%.
The 30-year fixed mortgage APR is 6.02%. At this time last week, it was 5.63%. Here’s why the APR is important.
At an interest rate of 6.00%, a 30-year fixed mortgage would cost $600 per month in principal and interest (taxes and fees not included) per $100,000, according to Forbes Advisor’s mortgage calculator. In full interest, you would pay $115,838 over the life of the loan.
15 Year Fixed Rate Mortgage Rates
Today, the 15-year fixed mortgage rate is 5.19%, lower than yesterday. Last week, it was 4.74%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed term is 5.21%. This time last week, it was 4.76%.
At the current interest rate of 5.19%, a 15-year fixed-rate mortgage would cost approximately $801 per month in principal and interest per $100,000. You would pay about $44,131 in total interest over the life of the loan.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 5.88%. Last week, the average rate was 5.57%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.88% will pay $592 per month in principal and interest per $100,000. That means on a $750,000 loan, your monthly principal and interest payment would be about $4,439, and you’d pay about $848,015 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
The average interest rate on a 5/1 ARM is 4.02%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.94%.
Borrowers with a $100,000 5/1 ARM at the current interest rate of 4.02% will pay $479 per month in principal and interest.
How to calculate mortgage payments
For much of the population, buying a home means working with a mortgage lender to obtain a mortgage. It can be a challenge to figure out how much you can afford and what you’re paying for.
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 to calculate your monthly mortgage payment:
- the price of the house
- The amount of your initial payment
- The interest rate
- the term of the loan
- Any taxes, insurance and any HOA fees
How much to save for a house
You may know that you need to save enough for a down payment, but more money is needed to go through the home buying process. Also, after you buy, you need to furnish your new home and keep up with potential repairs.
Here are six things to prepare for when saving for a home:
- Inspection and appraisal
- closing costs
- ongoing costs
- Home furnishing
- Repairs and renovations
What is TAE?
APR, or Annual Percentage Rate, is a calculation that includes both the interest rate on a loan and the finance charges on a loan, expressed as an annual cost over the life of the loan. In other words, it is the total cost of credit. APR accounts for interest, commissions and terms.
Since the APR includes both the interest rate and certain fees associated with a mortgage loan, the APR can help you understand the full cost of a mortgage if you hold it for the full term. The APR will generally be higher than the interest rate, but there are exceptions.