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Mortgage rates remained stable today. If you are looking to buy or refinance a home, you still have the option of taking advantage of a historically low rate.
To date, the average rate on a 30-year fixed mortgage is 4.23% with an APR of 4.16%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 3.45% with an APR of 3.43%. On a 30-year jumbo mortgage, the average rate is 4.25% with an APR of 4.29%. The average rate on a 5/1 ARM is 2.93% with an APR of 4.03%.
Related: Compare current mortgage rates
30-year fixed mortgage rates
The average rate remained stable on a 30-year fixed mortgage, remaining at 4.23%. Today’s rate is the same as the 52-week high of 4.23%.
The APR on a 30-year fixed is 4.16%. This time last week it was 4.13%. The APR is the overall cost of your loan.
At an interest rate of 4.23%, a 30-year fixed mortgage would cost $491 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $76,677 in total interest over the life of the loan.
15-year mortgage interest rate
Today, the 15-year fixed mortgage rate is at 3.45%, the same as yesterday. Last week it was 3.42%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 3.43%. This time last week it was 3.41%.
At the current interest rate of 3.45%, a 15-year fixed rate mortgage would cost approximately $712 per month in principal and interest per $100,000. You would pay approximately $28,237 in total interest over the life of the loan.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 4.25%. Last week, the average rate was 4.19%. 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 4.25% will pay $492 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 $3,690, and you would pay approximately $578,238 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
The average interest rate on a 5/1 ARM sits at 2.93%, above the 52-week low of 2.82%. Last week, the average rate was 2.93%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.93% will pay $418 a month in principal and interest.
How to calculate 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.
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.
Here’s what you’ll need to calculate your monthly mortgage payment:
- Interest rate
- Deposit amount
- house price
- term of the loan
- 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:
- Inspection and evaluation
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
How do I get pre-approved for a mortgage loan?
Getting pre-approved for a mortgage can help you through the home buying process. A mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.
To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns, and any other documents required by your lender.
The lender you select will guide you through the pre-approval process.