Currently, the average rate on a 30-year fixed mortgage is 5.81%, compared to 5.55% a week ago.

For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 4.98%, up 0.01% compared with the previous week.

Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.

30-Year Mortgage Rates

Today’s average rate on a 30-year, fixed-rate mortgage is 5.81%, which is 0.26% higher than last week. In a 52-week span, the lowest rate was 5.26% while the highest was 6.11%.

The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 5.82%. For comparison, the APR was 5.56% last week.

To get an idea of the interest payments involved, consider that the current 30-year, fixed-rate mortgage of 5.81% on a $100,000 loan will cost $587 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $111,460.

15-Year Mortgage Interest Rates

Today’s 15-year, fixed-rate mortgage is 4.98%, up 0.01% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 4.97%. Today’s rate is higher than the 52-week low of 4.62%.

The APR on a 15-year fixed is 5.00%, as opposed to 4.99% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 4.98% will cost $790 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $42,155 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.30% from last week to 5.86%. That’s 0.67% higher than the 52-week low of 5.19%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 5.86% will pay approximately $591 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,429.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate inched up to 4.35% from 4.34% yesterday. The average rate was 4.24% last week. Today’s rate is currently the 52-week high.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.35% will pay $498 per month in principal and interest.

How Much House Can I Afford?

Everyone’s individual circumstances will vary, depending on their capabilities and objectives. The house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.

Here are just a few of the basic factors that will determine what you can afford:
– Income
– Debt
– Debt-to-income ratio (DTI)
– Down payment
– Credit score

What’s an APR, and Why Is It Important?

The annual percentage rate, or APR, refers to the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, rather than just the interest rate.

Comparing APR across different lenders is a better way to see overall costs because it will show you everything from interest rate to fees.

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