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Mortgage rates haven’t budged today. If you’re interested in buying a home or refinancing your current home, you still have a chance to secure a historically low rate.
Today, the average rate for a 30-year fixed mortgage is 3.10%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.43%. On a 30-year jumbo mortgage, the average rate is 3.05% and the average rate on a 5/1 ARM is 2.74%.
Related: Compare current mortgage rates
30-year mortgage rates
The average rate remained stable on a 30-year fixed mortgage, remaining at 3.10%. The 52 week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.25%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the cost of financing a loan. This is the overall cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a fixed rate mortgage of $ 100,000 over 30 years will pay $ 427 per month in principal and interest (taxes and fees not included) at the current interest rate of $ 3. , 10%. You would pay around $ 53,726 in total interest over the life of the loan.
15-year mortgage interest rates
On a 15-year fixed rate, the APR is 2.66%. Last week it was 2.72%.
A 15 year fixed rate mortgage of $ 100,000 at the current interest rate of 2.43% will cost $ 664 per month in principal and interest. Over the life of the loan, you would pay $ 19,430 in total interest.
Giant mortgage rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 3.05%. Last week, the average rate was 3.16%. 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 3.05% will pay $ 424 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 $ 3,182, and you would pay approximately $ 395,625 in total interest over the life of the loan.
Variable rate mortgage rates 5/1
On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.76% 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
Mortgages and mortgage lenders are often a necessary part of buying a home, but it can be difficult to figure out what you are paying and what you can actually afford.
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.
To calculate your monthly mortgage payment, here’s what you’ll need:
- Interest rate
- Deposit amount
- House price
- term of the loan
- HOA fees
Determine how much house you can afford
The amount of home you can afford depends on a number of factors, including your income and debt.
Here are some basic factors that go into what you can afford:
- Debt-to-income ratio, or DTI
- Advance payment
- Credit score
Do I need to get pre-approved for a mortgage?
Pre-approval of a mortgage is a lender’s offer to lend you money based on your financial situation and specific conditions.
You can start the pre-approval process by gathering the documents your lender will need, including your:
- Social security card
- Recent W-2 forms
- Bank statements
- Income tax returns
The lender you select will then walk you through the pre-approval process.