Editor’s Note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
Mortgage rates didn’t go down today.
The average interest rate on a 30-year fixed-rate mortgage is 5.50%, according to Bankrate.com, while the average interest rate on a 15-year mortgage is 4.74%. For a 30-year jumbo mortgage, the average interest rate is 5.38% and the average interest rate for a 5/1 ARM is 3.67%.
Related: Compare current mortgage rates
30 year fixed rate mortgage rates
The average interest rate on a 30-year fixed-rate mortgage remained unchanged at 5.50%. The 52-week low is 3.00%.
For a 30-year fixed-rate mortgage, the APR is 5.51%, higher than last week. Annual percentage rate of charge (APR) includes the interest rate on a loan and the cost of financing a loan. It is the total cost of your loan.
At today’s interest rate of 5.50%, borrowers on a $100,000 30-year fixed-rate mortgage pay $568 a month in principal and interest (not including taxes and fees), according to Forbes Advisor’s mortgage calculator. You would pay a total of around $104,404 in interest over the life of the loan.
15 year fixed rate mortgage rates
Today, the 15-year fixed rate mortgage is 4.74%, same as yesterday. Last week it was 4.52%. Today’s price is above the 52-week low of 2.28%.
The APR for a 15-year fixed deposit is 4.77%. This time last week it was 4.55%.
At an interest rate of 4.74%, for every $100,000 you borrow, you would be paying $777 per month in principal and interest. You will pay a total of $39,917 in interest over the life of the loan.
Jumbo Mortgage Rates
For a 30-year jumbo, the average interest rate is 5.38%, higher than this time last week. The average rate was 5.23% this time last week. 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 today’s interest rate of 5.38% pay 560 principal and interest per $100,000 monthly. This means that on a $750,000 loan, the monthly principal and interest payment would be about $4,202 and you would pay a total of about $762,764 in interest over the life of the loan.
5/1 adjustable rate mortgage rates
With a 5/1 ARM, the average rate stayed at 3.67%. The average rate last week was 3.63%. Today’s price is currently above the 52-week high of 3.63%.
Borrowers with a $100,000 5/1 ARM with today’s interest rate of 3.67% pay 459 per month in principal and interest.
How to calculate mortgage payments
If you cannot or do not want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to find out what you’re likely to pay each month to see if it fits into your budget.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors like interest rate, purchase price, and down payment.
Here’s what you need to calculate your monthly mortgage payment:
- interest rate
- deposit amount
- house price
- credit term
- HOA Fees
What you can afford to buy
How much house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that contribute to what you can afford:
- your income
- your debt
- Your debt-to-income ratio, or DTI
- your deposit
- your creditworthiness
What is APR?
The APR, or APR, is the total cost of your loan. It includes your loan’s interest and financing charges, which account for interest, fees, and time.
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.