June 15, 2022: Mortgage Rates Rise – Forbes Advisor

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30-year fixed mortgage rates rose today.

The average rate on a 30-year fixed mortgage is 6.10%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 5.24%. The average rate on a 30-year jumbo mortgage is 5.96%, 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 rose on a 30-year fixed mortgage, inching to 6.10% from 5.97% a day ago. The 52-week high is 6.10%.

The APR on a 30-year fixed term is 6.11%. This time last week, it was 5.58%. APR is the total cost of your loan.

At the current interest rate of 6.10%, homebuyers with a $100,000 30-year fixed-rate mortgage will pay $606 per month in principal and interest (taxes and fees not included), Forbes Mortgage Calculator shows advisor. In full interest, you would pay $118,158 over the life of the loan.

15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate stands at 5.24%, higher than a day ago. Last week, it was 4.79%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed term, the APR is 5.27%. Last week it was 4.81%.

A $100,000 15-year fixed-rate mortgage with a current interest rate of 5.24% will cost $803 per month in principal and interest. Over the life of the loan, you would pay $44,603 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 5.96%. Last week, the average rate was 5.53%. 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 5.96% will pay $597 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 $4,477, and you’d pay about $861,849 in total interest over the life of the loan.

Interest rates 5/1 ARM

On a 5/1 ARM, the average rate rose to 4.02% from 3.95% yesterday. The average rate was 3.91% last week. Today’s rate is currently lower than the 52-week high of 4.04%.

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.

Calculate your mortgage payment

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.

You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price, and down payment.

To calculate your monthly mortgage payment, here’s what you’ll need:

  • Interest rate
  • down payment amount
  • Housing prices
  • loan term
  • Taxes
  • Sure
  • 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’ll 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 home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best for your particular situation.

Why is APR important?

The APR, or Annual Percentage Rate, is the total cost of your loan. It includes the interest and financing charges on your loan, accounting for interest, charges and time.

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.

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