Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
Today, the average rate for a 30-year fixed mortgage is 5.50%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.94%. The average rate on a 30-year jumbo mortgage is 5.51% and the average rate on a 5/1 ARM is 4.24%.
Related: Compare current mortgage rates
30-year fixed mortgage interest rate
Borrowers paid an average rate on a 30-year fixed rate mortgage of 5.50%. This was down from the previous week’s rate of 5.56%.
Currently, the average annual percentage rate (APR) of a 30-year fixed rate mortgage is 5.51%. This is lower than last week when the APR was 5.57%. The APR contains both mortgage interest and lender fees to help paint a more complete picture of loan costs.
To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed rate loan at the current average interest rate of 5.50% will cost you approximately $568, principal and interest (taxes and fees not included) each month, says Forbes Advisor’s Mortgage Calculator.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year fixed rate mortgage is 4.94%, up 0.07% from the previous week. At this time last week, the 15-year fixed rate mortgage was at 4.87%. Today’s rate is above the 52-week low of 4.62%.
The APR on a 15-year fixed is 4.96%. It was 4.89% a week earlier.
A 15-year fixed rate mortgage with a current interest rate of 4.94% will cost $533 per month in principal and interest on a $100,000 mortgage (excluding taxes and insurance).
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 5.51%. Last week, the average rate was 5.57%. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 6.11%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.51% will pay $568 per month in principal and interest per $100,000.
5/1 Adjustable Rate Mortgage Rates
On a 5/1 ARM, the average rate remained at 4.24%. The average rate was 4.20% last week. Today’s rate is currently below the 52-week high of 4.32%.
Borrowers with a 5/1 ARM of 100,000 with today’s interest rate of 4.24% will pay $491 per month in principal and interest.
Where are mortgage rates going this year?
In the first half of 2022, mortgage rates soared and currently sit around 5.50% for the popular 30-year fixed rate mortgage. Experts are divided on whether they will continue to climb – some forecasts put the year-end average at nearly 7% – or stay flat from here. If you are looking for a mortgage, you should check rates frequently and always compare lenders.
How to calculate mortgage payments
One of the first steps in buying a home is setting a budget. To get a general idea of the cost of owning a home, start by using a mortgage calculator to work out the numbers.
Simply enter the following data to get an idea of the cost of a house:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
How much house can I afford?
The first step in your home buying journey should be to calculate affordability. You’ll want to know how much you can afford based on factors like income, debt, and savings.
Here are some important factors that go into the affordability of a home:
- Debt ratio (DTI)
- Advance payment
- Credit score
What is an APR and why is it important?
The Annual Percentage Rate (APR) represents the interest rate and fees for a loan, expressed as an annual cost over the life of the loan. This is basically the overall cost of the loan.
The APR is a useful number because it tells you the total cost of a mortgage if you hold it for the full term.