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Current Mortgage Interest Rates: November 16, 2021—Mortgage Rates Rise – Forbes Advisor - Forbes

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Mortgage rates rose today, but if you’re interested in buying a home or refinancing your current home, you still have a shot at locking in a historically low rate.

Today, the average rate on a 30-year fixed mortgage is 3.22%, according to Bankrate.com, while the average rate on a 15-year mortgage is 2.51%. On a 30-year jumbo mortgage, the average rate is 3.19%, and the average rate on a 5/1 ARM is 2.74%.

Related: Compare Current Mortgage Rates

Loan Term Rate Change Rate Last Week
30-year fixed 3.22% 0.12% 3.10%
15-year fixed 2.51% 0.08% 2.43%
30-year jumbo 3.19% 0.14% 3.05%
5/1 ARM 2.74% 0.00% 2.74%
Source: Bankrate.com

30-Year Fixed Mortgage Rates

Today, the average rate for the benchmark 30-year fixed mortgage rose to 3.22%. At this time last week, the 30-year fixed was 3.10%. The 52-week high is 3.37%.

The 30-year fixed mortgage APR is 3.37%. At this time last week, it was 3.25%. Here’s why APR is important.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay 434 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.22%. In total interest, you’d pay $56,082 over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

Today, the 15-year fixed mortgage rate is 2.51%, higher than it was one day ago. Last week, it was 2.43%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 2.74%. Last week it was 2.66%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 2.51% will cost 667 per month in principal and interest. Over the life of the loan, you would pay $20,107 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 3.19%. Last week, the average rate was 3.05%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.19% will pay 432 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 3,239, and you’d pay around $416,184 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.74% last week. Today’s rate is currently lower than the 52-week high of 3.43%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.74% will pay 408 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 challenging to figure out how much you can afford and what you’re paying for.

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

Gather these data points to calculate your monthly mortgage payment:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • HOA fees

How Much to Save for a House

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

  • Down payment
  • Inspection and appraisal
  • Closing costs
  • Ongoing costs
  • Home furnishings
  • Repairs and renovations

What’s an APR and Why Is It Important?

The APR, or annual percentage rate, is the all-in cost of your loan. It includes your loan’s interest and finance charges, accounting for interest, fees and time.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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November 16, 2021 at 08:45PM
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Current Mortgage Interest Rates: November 16, 2021—Mortgage Rates Rise – Forbes Advisor - Forbes
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