Interest rates

March 8, 2022 — Mortgage rates remain stable – Forbes Advisor

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Mortgage rates were flat today. If you want to buy a house or refinance your current home, you still have a chance to lock in a historically low rate.

The average rate for a 30-year fixed mortgage is 4.12%, according to On a 15-year fixed mortgage, the average rate is 3.40%. The average rate on a 30-year jumbo mortgage is 4.10% and the average rate on a 5/1 ARM is 2.93%.

Related: Compare current mortgage rates

30-year mortgage rates

Today, the average 30-year benchmark fixed mortgage rate remained at 4.12%. A week ago, the 30-year fixed was 4.29%. The 52 week low is 3.00%.

The 30-year fixed mortgage APR is 4.08%. At the same time last week, it was 4.23%. Here’s why APR is important.

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 interest rate

Today, the 15-year fixed mortgage rate is at 3.40%, the same as yesterday. Last week it was 3.48%. Today’s rate is above the 52-week low of 2.28%.

The APR on a 15-year fixed is 3.39%. This time last week it was 3.46%.

At the current interest rate of 3.40%, a 15-year fixed rate mortgage would cost approximately $710 per month in principal and interest per $100,000. You would pay approximately $27,797 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 4.10%. Last week, the average rate was 4.31%. 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 4.10% 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 $3,624, and you would pay approximately $554,636 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 2.94%.

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.

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:

  • The price of the house
  • The amount of your deposit
  • The interest rate
  • The term of the loan
  • All taxes, insurance and all HOA fees

What you can afford depends on a number of factors, including your income, debt, debt-to-equity ratio, down payment, and credit score.

You should also factor in closing costs, property taxes, insurance costs and ongoing maintenance costs.

The type of loan you choose can also affect how much home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best suited for your particular situation.

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.