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30-year fixed mortgage rates increased today.

The average rate on a 30-year fixed mortgage is 5.86%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.95%. On a 30-year jumbo mortgage, the average rate is 5.79%, and the average rate on a 5/1 ARM is 3.94%.

Related: Compare Current Mortgage Rates

30-Year Fixed-Rate Mortgage Rates

The average rate rose on a 30-year fixed mortgage, inching up to 5.86% from 5.62% one day ago. The 52-week low is 3.00%.

On a 30-year fixed mortgage, the APR is 5.87%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $591 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.86%. The total interest paid over the life of the loan will be around $112,609.

15-Year Mortgage Rates

The average interest rate on the 15-year fixed mortgage sits at 4.95%. This same time last week, the 15-year fixed-rate mortgage was at 4.75%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.97%. This time last week, it was 4.77%.

At today’s interest rate of 4.95%, a 15-year fixed-rate mortgage would cost approximately $788 per month in principal and interest per $100,000. You would pay around $41,874 in total interest over the life of the loan.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.79%, higher than it was at this time last week. The average rate was 5.51% 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 today’s interest rate of 5.79% will pay 586 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,396, and you’d pay roughly $832,514 in total interest over the life of the loan.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate remained at 3.94%. The average rate was 3.90% last week. Today’s rate is currently the 52-week high.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.94% will pay 474 per month in principal and interest.

Calculating Mortgage Payments

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits into your budget.

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:

• The home price
• Your down payment amount
• The interest rate
• The loan term
• Any taxes, insurance and any HOA fees

What You Can Afford to Buy

How much The house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

• Your income
• Your debt
• Your debt-to-income ratio, or DTI
• Your down payment
• Your credit score

Explaining Annual Percentage Rate

Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.

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.