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Mortgage rates rose today, but if you want to buy a home or refinance your current home, you still have a chance to lock in an all-time low rate.
Today, the average rate for a 30-year fixed mortgage is 4.22%, according to Bankrate.com, while the average rate for a 15-year mortgage is 3.46%. On a 30-year jumbo mortgage, the average rate is 4.25% and the average rate on a 5/1 ARM is 2.93%.
Related: Compare current mortgage rates
30-year mortgage rates
The average rate rose on a 30-year fixed mortgage to 4.22% from 4.19% yesterday. The 52 week low is 3.00%.
The APR on a 30-year fixed is 4.15%. This time last week it was 4.17%. The APR is the overall cost of your loan.
At the current interest rate of 4.22%, homebuyers with a $100,000 30-year fixed rate mortgage will pay $490 a month in principal and interest (taxes and fees not included), according to the mortgage calculator Forbes Advisor. In total interest, you would pay $76,467 over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate is 3.46%, higher than a day ago. Last week it was 3.55%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 3.45%. Last week it was 3.55%.
A $100,000 15-year fixed rate mortgage with a current interest rate of 3.46% will cost $713 per month in principal and interest. Over the term of the loan, you will pay $28,326 in total interest.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 4.25%. Last week, the average rate was 4.25%. 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 4.25% will pay $492 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 $3,690, and you would pay approximately $578,238 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 2.89%.
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
For a large portion of the population, buying a home means working with a mortgage lender to secure a mortgage. It can be difficult to determine how much you can afford and what you are paying.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price and down payment.
Here’s what you’ll need 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
Determine how much house you can afford
How much home you can afford depends on more than just your income and debts.
Here are some basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio, or DTI
- Deposit
- Credit score
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you through the home buying process. A mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.
To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns, and any other documents required by your lender.
The lender you select will guide you through the pre-approval process.
