May 4, 2022 – Rate Rose – Forbes Advisor

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30-year fixed-rate mortgage rates are up today.

The average interest rate on a 30-year fixed-rate mortgage is 5.58%, according to Bankrate.com, while the average interest rate on a 15-year mortgage is 4.75%. For a 30-year jumbo mortgage, the average interest rate is 5.48% and the average interest rate for a 5/1 ARM is 3.77%.

Related: Compare current mortgage rates

30 year fixed mortgage rates

The average interest rate on a 30-year fixed-rate mortgage rose to 5.58% from 5.54% yesterday. The 52-week high is 5.58%.

The 30-year fixed-rate mortgage APR is 5.60%. This time last week it was 5.51%. That is why the APR is important.

At an interest rate of 5.58%, a 30-year fixed-rate mortgage would cost $573 per month in principal and interest (excluding taxes and fees) per $100,000, according to the Forbes Advisor Mortgage Calculator. Total interest paid over the life of the loan is approximately $106,215.

15-year mortgage rates

The average interest rate for the 15-year fixed-rate mortgage is 4.75%. Last week at the same time, the 15-year fixed-rate mortgage was at 4.74%. Today’s price is above the 52-week low of 2.28%.

With a term of 15 years, the annual percentage rate is 4.79%. Last week it was 4.77%.

At today’s interest rate of 4.75%, a 15-year fixed-rate mortgage would cost about €778 per month in principal and interest per $100,000. You would pay a total of around $40,010 in interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year jumbo fixed-rate mortgage is 5.48%. Last week the average rate was 5.38%. 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 5.48% pay 567 principal and interest per $100,000 monthly. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $4,249 and you would pay a total of approximately $779,644 in interest over the life of the loan.

5/1 ARM interest rates

On a 5/1 ARM, yesterday’s average price rose 3.71% to 3.77%. The average rate last week was 3.67%. Today’s price is currently above the 52-week high of 3.73%.

Borrowers with a $100,000 5/1 ARM with today’s interest rate of 3.77% pay 464 per month in principal and interest.

How to calculate mortgage payments

Mortgages and mortgage lenders are often a necessary part of buying a home, but understanding what you’re paying for — and what you can actually afford — can be difficult.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.

To calculate your monthly mortgage payment, you will need the following:

  • interest rate
  • deposit amount
  • house price
  • credit term
  • Steer
  • insurance
  • HOA Fees

How much to save for a house

You may know that you need to save enough for a down payment, but it takes more money to get through the home buying process. You’ll also need to set up your new home post-purchase and keep up with potential repairs.

Here are six things to prepare for when saving for a home:

  • down payment
  • inspection and evaluation
  • closing costs
  • running costs
  • home decoration
  • repairs and renovations

Why the APR is important

The annual percentage rate of charge or annual percentage rate is the total cost of your loan. It includes your loan’s interest and financing charges, which account for interest, fees, and time.

The APR is important because it can help you understand the total cost of your home loan if you decide to hold it for the entire term.

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