March 24, 2022 – Rates are starting to climb – Forbes Advisor


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This is a good time to lock in a mortgage rate. The average rate for a 30-year fixed mortgage rose today, but rates are still at historic lows.

Today, the average rate for a 30-year fixed mortgage is 4.57%, according to, while the average rate for a 15-year mortgage is 3.82%. On a 30-year jumbo mortgage, the average rate is 4.52% and the average rate on a 5/1 ARM is 3.17%.

Related: Compare current mortgage rates

30-year mortgage rates

The average 30-year benchmark fixed-rate mortgage rate rose to 4.57%. A week ago, the 30-year fixed was 4.49%. Today’s rate is below the 52-week high of 4.59%.

On a 30-year fixed mortgage, the APR is 4.58%, 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.

According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $511 per month in principal and interest (taxes and fees not included) at the current interest rate of 4. 57%. In total interest, you would pay $83,907 over the life of the loan.

15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate is 3.82%, higher than it was a day ago. Last week it was 3.67%. Today’s rate is above the 52-week low of 2.28%.

On a 15-year fixed term, the APR is 3.85%. Last week it was 3.70%.

A $100,000 15-year fixed rate mortgage with a current interest rate of 3.82% will cost $731 per month in principal and interest. Over the term of the loan, you will pay $31,526 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate is 4.52%, higher than it was on the same date last week. The average rate was 4.50% at the same time last week. 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 4.52% will pay $508 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 $3,809, and you would pay approximately $621,261 in total interest over the life of the loan.

5/1 ARM interest rate

On an ARM 5/1, the average rate rose slightly to 3.17% from 3.16% yesterday. The average rate was 3.12% last week. Today’s rate is currently below the 52-week high of 3.43%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.17% will pay $431 a month in principal and interest.

Calculation of 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’s within your budget.

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.

To calculate your monthly mortgage payment, here is what you will need:

  • house price
  • Deposit amount
  • Interest rate
  • term of the loan
  • Taxes, insurance and all HOA fees

How much to save for a house

You may know you need to save enough for a down payment, but it takes more money than that to get through the home buying process. Also, after buying, you need to furnish your new home and track potential repairs.

Here are six things to prepare for when saving for a home:

  • Deposit
  • Inspection and evaluation
  • Closing costs
  • Ongoing charges
  • Home furnishings
  • Repairs and renovations

How do 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
    • payslips
    • Bank statements
    • Tax returns

The lender you select will then guide you through the pre-approval process.


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