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30-year fixed mortgage rates fell today.
The average rate for a 30-year fixed mortgage is 5.90%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 5.10%. The average rate on a 30-year jumbo mortgage is 5.78% and the average rate on a 5/1 ARM is 4.29%.
Related: Compare current mortgage rates
30-year fixed mortgage interest rate
The average rate fell on a 30-year fixed mortgage, slipping to 5.90% from 6.00% yesterday. The 52-week high is 6.11%.
On a 30-year fixed mortgage, the APR is 5.91%, higher than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.
At the current interest rate of 5.90%, borrowers with a $100,000 30-year fixed rate mortgage will pay $593 per month in principal and interest (taxes and fees not included), according to the Forbes Mortgage Calculator Advisor. You would pay approximately $113,529 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
The average interest rate on the 15-year fixed mortgage is 5.10%. At this time last week, the 15-year fixed rate mortgage was at 5.10%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 5.13%. Last week it was 5.13%.
A $100,000 15-year fixed rate mortgage with a current interest rate of 5.10% will cost $796 per month in principal and interest. Over the term of the loan, you will pay $43,282 in total interest.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 5.78%. Last week, the average rate was 5.77%. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 3.03%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.78% will pay $585 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $4,391, and you would pay approximately $830,796 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
On an ARM 5/1, the average rate rose to 4.29% from 4.28% yesterday. The average rate was 4.29% last week. Today’s rate is currently below the 52-week high of 4.32%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 4.29% will pay $494 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 figuring out what you’re paying and what you can actually afford can be tricky.
To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.
Here’s what you’ll need to calculate your monthly mortgage payment:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
What you can afford depends on a number of factors, including your income, debt, debt-to-equity ratio, down payment, and credit score.
You should also factor in closing costs, property taxes, insurance costs and ongoing maintenance costs.
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 suited for your particular situation.
Why should I get pre-approved for a mortgage loan?
A mortgage pre-approval is a lender’s offer to lend you money based on your financial situation and specific terms.
You can start the pre-approval process by gathering the documents your lender will need, including:
- social security card
- Recent W-2 forms
- Bank statements
- tax returns
The lender you select will then guide you through the pre-approval process.