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For anyone in the market to buy or refinance a home, now is a good time to lock in a low rate. Mortgage rates are unchanged today, keeping rates at historically low levels.
Today, the average rate for a 30-year fixed mortgage is 3.23%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.54%. On a 30-year jumbo mortgage, the average rate is 3.18% and the average rate on a 5/1 ARM is 2.74%.
Related: Compare current mortgage rates
30-year fixed rate mortgage rates
The average 30-year fixed-rate benchmark mortgage rate remained at 3.23%. At the same time last week, the 30-year fixed rate was 3.29%. Today’s rate is below the 52-week high of 3.37%.
On a 30-year fixed mortgage, the APR is 3.37%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the carrying charges on a loan. This is the overall cost of your loan.
At the current interest rate of 3.23%, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 434 per month in principal and interest (taxes and fees not included), the calculator says. Forbes Mortgage Advisor. The total interest paid over the life of the loan will be approximately $ 56,279.
15-year mortgage rates
The average interest rate on the 15-year fixed mortgage is 2.54%. At the same time last week, the 15-year fixed rate mortgage was at 2.54%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed rate, the APR is 2.74%. Last week it was 2.74%.
With an interest rate of 2.54%, you would pay $ 669 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 20,361 in total interest.
Giant mortgage rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 3.18%. Last week the average rate was 3.24%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 3.18% will pay 431 per month in principal and interest in every $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,235, and you would pay approximately $ 414,709 in total interest over the life of the loan.
5/1 ARM interest rate
On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.74% last week. Today’s rate is currently below the 52-week high of 3.43%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 per month in principal and interest.
Calculate your mortgage payment
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’re likely to pay each month to see if it’s within your budget.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price, and down payment.
Collect these data points to calculate your monthly mortgage payment:
- Interest rate
- Deposit amount
- House price
- term of the loan
- HOA fees
Determine how much house you can afford
How much home you can afford depends on a number of factors including your income and your debt load.
Here are some main factors that determine what you can afford:
- Debt-to-income ratio, or DTI
- Credit score
What is an APR and why is it important?
The APR, or Annual Percentage Rate, is a calculation that includes both the interest rate on a loan and the carrying 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 takes into account interest, fees and time.
The APR is important because it can help you understand the total cost of your mortgage if you decide to keep it for the duration.