For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates remained unchanged today, keeping rates at historical lows.
As of today, the average rate on a 30-year fixed mortgage is 3.21% with an APR of 3.35%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.53% with an APR of 2.74%. On a 30-year jumbo mortgage, the average rate is 3.17% with an APR of 3.26%. The average rate on a 5/1 ARM is 2.74% with an APR of 4.07%.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage Interest Rates
Today, the average rate for the benchmark 30-year fixed mortgage remained at 3.21%. One week ago, the 30-year fixed was 3.24%. Today’s rate is lower than the 52-week high of 3.37%.
The APR on a 30-year fixed is 3.35%. This time last week, it was 3.38%. APR is 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 433 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.21%. You’d pay approximately $55,885 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
The average interest rate on the 15-year fixed mortgage sits at 2.53%. This same time last week, the 15-year fixed-rate mortgage was at 2.52%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 2.74%. This time last week, it was 2.74%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 2.53% will cost 668 per month in principal and interest. Over the life of the loan, you would pay $20,276 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 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 ARM 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.
Here’s what you’ll need in order to calculate your monthly mortgage payment:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
What You Can Afford to Buy
How much The house you can afford depends on a number of factors, including your income and debt.
Here are a few fundamental factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio, or DTI
- Down payment
- Credit score
Why APR Is Important
Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.
APR can help you understand the total cost of a mortgage if you keep it for the entire term. Keep in mind that the APR is often higher than the interest rate.
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November 24, 2021 at 08:24PM
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Current National Mortgage Rates: November 24, 2021—Mortgage Rates Remain At Historical Lows - Forbes
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