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June 9, 2022—Mortgage rates creep up – Forbes Advisor

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30-year fixed mortgage rates rose today.

The average rate on a 30-year fixed mortgage is 5.57% with an APR of 5.58%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.79% with an APR of 4.81%. On a 30-year jumbo mortgage, the average rate is 5.53% with an APR of 5.54%. The average rate on a 5/1 ARM is 3.91% with an APR of 5.02%.

Related: Compare current mortgage rates

30 Year Fixed Rate Mortgage Rates

Today, the average rate for the benchmark 30-year fixed mortgage rose to 5.57% from 4.73% yesterday. At this time last week, the 30-year fixed was 5.43%. Today’s rate is lower than the 52-week high of 5.64%.

In a 30-year fixed mortgage, the APR is 5.58%, 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.

At an interest rate of 5.57%, a 30-year fixed mortgage would cost $572 per month in principal and interest (excluding taxes and fees) per $100,000, according to Forbes Advisor’s mortgage calculator. In full interest, you would pay $105,988 over the life of the loan.

15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate is 4.79%, higher than yesterday at this time. Last week, it was 4.65%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15 year fixed is 4.81%. This time last week, it was 4.68%.

At an interest rate of 4.79%, you would pay $780 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $40,382 in total interest.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.53%, higher than last week. The average rate was 5.37% 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 5.53% will pay $570 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 $4,273, and you’d pay about $788,116 in total interest over the life of the loan.

ARM rates 5/1

The average interest rate on a 5/1 ARM sits at 3.91%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.89%.

Borrowers with a $100,000 5/1 ARM at the current interest rate of 3.91% will pay $472 per month in principal and interest.

How to calculate mortgage payments

Mortgages and mortgage lenders are often a necessary part of buying a home, but it can be difficult to understand what you’re paying and what you can really afford.

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:

  • 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:

  • Deposit
  • Inspection and appraisal
  • closing costs
  • ongoing costs
  • Home furnishing
  • Repairs and renovations

How do I get pre-approved for a mortgage?

Mortgage preapproval represents a lender’s offer to lend you money based on your financial circumstances and specific terms.

You can start the pre-approval process by gathering the documents your lender will need, including your:

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