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30-year fixed mortgage rates rose today.
The average rate on a 30-year fixed mortgage is 6.04%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.26%. On a 30-year jumbo mortgage, the average rate is 5.91%, and the average rate on a 5/1 ARM is 4.10%.
Related: Compare Current Mortgage Rates
30-Year Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage inched up to 6.04% from 6.02% yesterday. Last week, the 30-year fixed was 5.97%. Today’s rate is lower than the 52-week high of 6.10%.
The APR on a 30-year fixed is 6.05%. This time last week, it was 5.98%. APR is the all-in cost of your loan.
At an interest rate of 6.04%, a 30-year fixed mortgage would cost $602 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay about $116,765 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate sits at 5.26%, lower than it was yesterday. Last week, it was 5.06%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 5.28%. This time last week, it was 5.09%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.26% will cost $804 per month in principal and interest. Over the life of the loan, you would pay $44,793 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.91%, lower than it was at this time last week. The average rate was 5.88% at this time last week. 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 5.91% will pay $594 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 $4,453, and you’d pay around $853,197 in total interest over the life of the loan.
5/1 ARM Interest Rates
The average interest rate on a 5/1 ARM sits at 4.10%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.95%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.10% will pay $483 per month in principal and interest.
How to Calculate Mortgage Payments
For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky to figure out how much you can afford and what you’re paying for.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.
Here’s what you’ll need in order 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.
What’s an APR and Why Is It Important?
Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.
APR can help you understand the total cost of a mortgage if you keep it for the entire term. Keep in mind that the APR is often higher than the interest rate.