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 2.53%. On a 30-year jumbo mortgage, the average rate is 3.17%, and the average rate on a 5/1 ARM is 2.74%.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage increased to 3.22%. Last week, the 30-year fixed was 3.24%. The 52-week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.34%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers 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%. You’d pay about $56,082 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate is 2.53%, the same as it was yesterday. Last week, it was 2.52%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 2.73%. This time last week, it was 2.74%.
At today’s interest rate of 2.53%, a 15-year fixed-rate mortgage would cost approximately 668 per month in principal and interest per $100,000. You would pay around $20,276 in total interest over the life of the loan.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate is 3.17%, lower than it was at this time last week. The average rate was 3.20% at this time last week. 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 3.17% will pay 431 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 3,231, and you’d pay roughly $413,235 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.
Calculating Mortgage Payments
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually afford.
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:
- The home price
- Your down payment amount
- The interest rate
- The loan term
- Any taxes, insurance and any 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
Should I Get Preapproved for a Mortgage?
Getting preapproved for a mortgage can help you during the homebuying process. Mortgage preapproval represents a lender’s offer to loan you money. It can help you appear more attractive to sellers.
To get preapproved for a mortgage, start by gathering documents. You’ll need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns and any other documents your lender requires.
The lender you select will guide you through the preapproval process.
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November 25, 2021 at 08:32PM
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