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The average rate on a 30-year fixed mortgage is 5.60% with an APR of 5.61%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.89% with an APR of 4.91%. On a 30-year jumbo mortgage, the average rate is 5.56% with an APR of 5.56%. The average rate on a 5/1 ARM is 4.23% with an APR of 5.81%.
Related: Compare Current Mortgage Rates
30-Year Fixed-Rate Mortgage Rates
The average rate fell on a 30-year fixed mortgage, slipping to 5.60% from 5.76% yesterday. The 52-week high is 6.11%.
The 30-year fixed mortgage APR is 5.61%. At this time last week, it was 5.97%. Here’s why APR is important.
At an interest rate of 5.60%, a 30-year fixed mortgage would cost $582 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 $49,185 over the life of the loan.
15-Year Mortgage Rates
Today, the 15-year fixed mortgage rate sits at 4.89%, lower than it was one day ago. Last week, it was 5.05%. Today’s rate is higher than the 52-week low of 4.60%.
On a 15-year fixed, the APR is 4.91%. Last week it was 5.08%.
At today’s interest rate of 4.89%, a 15-year fixed-rate mortgage would cost approximately $533 per month in principal and interest per $100,000. You would pay around $41,781 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 5.56%. Last week, the average rate was 5.97%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.11%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.56% will pay $580 per month in principal and interest per $100,000.
5/1 ARM Interest Rates
The average interest rate on a 5/1 ARM is 4.23%, higher than the 52-week low of 3.79%. Last week, the average rate was 4.32%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.23% will pay $491 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 get a mortgage. It can be challenging 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.
Gather these data points 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.
Why APR Is 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.
