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For anyone in the market looking to buy or refinance a home, now is a good time to lock in a low rate. Mortgage rates remained unchanged today, keeping rates at historic lows.
The average rate for a 30-year fixed mortgage is 4.12%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 3.38%. The average rate on a 30-year jumbo mortgage is 4.09% and the average rate on a 5/1 ARM is 2.93%.
30-year fixed mortgage interest rate
The average rate remained stable on a 30-year fixed mortgage, remaining at 4.12%. The 52 week low is 3.00%.
The APR on a 30-year fixed is 4.14%. This time last week it was 4.20%. The APR is the overall cost of your loan.
At an interest rate of 4.12%, a 30-year fixed mortgage would cost $484 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the term of the loan will be approximately $74,369.
15-year mortgage rates
Today, the 15-year fixed mortgage rate is 3.38%, lower than it was a day ago. Last week it was 3.48%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 3.42%. Last week it was 3.46%.
With an interest rate of 3.38%, you would pay 709 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $27,621 in total interest.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 4.09%. Last week, the average rate was 4.29%. 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 4.09% will pay $483 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 $3,620, and you would pay approximately $553,070 in total interest over the life of the loan.
ARM 5/1 tariffs
The average interest rate on a 5/1 ARM is 2.93%, higher than 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.
Calculation of 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.
Gather these data points to calculate your monthly mortgage payment:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
Saving 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
Get pre-approved for a mortgage
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.