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Mortgage rates stayed flat today.
The average rate on a 30-year fixed mortgage is 5.50% with an APR of 5.51%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.74% with an APR of 4.77%. On a 30-year jumbo mortgage, the average rate is 5.38% with an APR of 5.40%. The average rate on a 5/1 ARM is 3.67% with an APR of 4.70%.
Related: Compare Current Mortgage Rates
30-Year Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage stayed at 5.50%. This time last week, the 30-year fixed was 5.35%. Today’s rate is the same as the 52-week high of 5.50%.
The 30-year fixed mortgage APR is 5.51%. At this time last week, it was 5.37%. Here’s why APR is important.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $ 100,000 will pay 568 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.50%. In total interest, you’d pay $ 104,404 over the life of the loan.
15-Year Mortgage Rates
Today, the 15-year fixed mortgage rate sits at 4.74%, the same as it was at this time yesterday. Last week, it was 4.53%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 4.77%. Last week it was 4.56%.
At today interest rate of 4.74%, a 15-year fixed-rate mortgage would cost approximately 777 per month in principal and interest per $ 100,000. You would pay around $ 39,917 in total interest over the life of the loan.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 5.38%. Last week, the average rate was 5.23%. 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 5.38% will pay 560 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 4,202, and you’d pay approximately $ 762,764 in total interest over the life of the loan.
5/1 ARM Rates
On a 5/1 ARM, the average rate stayed at 3.67%. The average rate was 3.64% last week. Today’s rate is currently higher than the 52-week high of 3.63%.
Borrowers with a 5/1 ARM of $ 100,000 with today’s interest rate of 3.67% will pay 459 per month in principal and interest.
Calculating Mortgage Payments
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for — and what you can actually afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Gather these data points to calculate your monthly mortgage payment:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.
You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.
The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.
Should I Get Preapproved for a Mortgage?
Mortgage preapproval represents a lender’s offer to loan you money based on your financial circumstances and specific terms.
You can start the preapproval process by gathering documents your lender will need, including your:
- Social Security card
- Recent W-2 forms
- Pay stubs
- Bank statements
- Tax returns
The lender you select will then guide you through the preapproval process.