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30-year fixed mortgage rates increased today.
The average rate on a 30-year fixed mortgage is 5.62%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.74%. The average rate on a 30-year jumbo mortgage is 5.57%, and the average rate on a 5/1 ARM is 3.94%.
Related: Compare current mortgage rates
30 Year Fixed Rate Mortgage Rates
Today, the average rate for the benchmark 30-year fixed mortgage rose to 5.62% from 5.57% yesterday. At this time last week, the 30-year fixed was 5.48%. Today’s rate is lower than the 52-week high of 5.64%.
In a 30-year fixed mortgage, the APR is 5.63%, higher than last week. APR, or Annual Percentage Rate, includes the interest rate on a loan and the finance charges on a loan. It is the total cost of your loan.
According to Forbes Advisor’s mortgage calculator, borrowers with a $100,000 30-year fixed-rate mortgage will pay $575 per month in principal and interest (taxes and fees not included) at the current interest rate of 5.62%. In full interest, you would pay $107,123 over the life of the loan.
15-year mortgage interest rates
The average interest rate on a 15-year fixed mortgage is 4.74%. At this time last week, the 15-year fixed-rate mortgage was at 4.67%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 4.76%. Last week it was 4.69%.
At an interest rate of 4.74%, you would pay $777 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $39,917 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.57%, higher than this time last week. The average rate was 5.45% at this time last week. 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 5.57% will pay $572 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 $4,291, and you’d pay about $794,909 in total interest over the life of the loan.
ARM rates 5/1
On a 5/1 ARM, the average rate rose to 3.94% from 3.91% yesterday. The average rate was 3.91% last week. Today’s rate is currently the 52-week high.
Borrowers with a $100,000 5/1 ARM at the current interest rate of 3.94% will pay $474 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 hard to figure out how much you can afford and what you’re paying for.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price, and down payment.
Here’s what you’ll need to calculate your monthly mortgage payment:
- Housing prices
- down payment amount
- Interest rate
- loan term
- 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 an APR and why is it important?
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.