June 9, 2022 – Mortgage Rates Rise Slightly – Forbes Advisor

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30-year fixed mortgage rates rose slightly today.

The average rate for a 30-year fixed mortgage is 5.57% with an APR of 5.58%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.79% with an APR of 4.81%. On a 30-year jumbo mortgage, the average rate is 5.53% with an APR of 5.54%. The average rate on a 5/1 ARM is 3.91% with an APR of 5.02%.

Related: Compare current mortgage rates

30-Year Fixed-Rate Mortgage Rates

Today, the average rate on the benchmark 30-year fixed mortgage rose to 5.57% from 4.73% yesterday. At the same time last week, the 30-year fixed rate was 5.43%. Today’s rate is below the 52-week high of 5.64%.

On a 30-year fixed mortgage, the APR is 5.58%, higher than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.

At an interest rate of 5.57%, a 30-year fixed mortgage would cost $572 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you would pay $105,988 over the life of the loan.

15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate is 4.79%, higher than it was at the same time yesterday. Last week it was 4.65%. Today’s rate is above the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.81%. This time last week it was 4.68%.

With an interest rate of 4.79%, you would pay $780 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $40,382 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.53%, higher than it was on the same date last week. The average rate was 5.37% at the same time last week. 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 5.53% will pay $570 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 $4,273, and you would pay approximately $788,116 in total interest over the life of the loan.

ARM 5/1 tariffs

The average interest rate on a 5/1 ARM sits at 3.91%, above the 52-week low of 2.82%. Last week, the average rate was 3.89%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.91% will pay $472 per month in principal and interest.

How to calculate mortgage payments

Mortgages and mortgage lenders are often a necessary part of buying a home, but figuring out what you’re paying and what you can actually afford can be tricky.

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.

To calculate your monthly mortgage payment, here is what you will need:

  • house price
  • Deposit amount
  • Interest rate
  • term of the loan
  • Taxes, insurance and all HOA fees

How much to save for a house

You may know you need to save enough for a down payment, but it takes more money than that to get through the home buying process. Also, after buying, you need to furnish your new home and track potential repairs.

Here are six things to prepare for when saving for a home:

  • Advance payment
  • Inspection and evaluation
  • Closing costs
  • Ongoing charges
  • Home furnishings
  • Repairs and renovations

How do I get pre-approved for a mortgage loan?

A mortgage pre-approval is a lender’s offer to lend you money based on your financial situation and specific terms.

You can start the pre-approval process by gathering the documents your lender will need, including:

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