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October 13, 2021 No move on mortgage rates – Forbes Advisor




Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

Mortgage rates haven’t budged today. If you are looking to buy or refinance a home, you still have the opportunity to take advantage of a historically low rate.

Today, the average rate for a 30-year fixed mortgage is 3.23%, according to, while the average rate for a 15-year mortgage is 2.46%. On a 30-year jumbo mortgage, the average rate is 3.21% and the average rate on a 5/1 ARM is 2.79%.

Related: Compare current mortgage rates

30 year fixed rate mortgages

The average 30-year fixed-rate benchmark mortgage rate remained at 3.23%. Last week, the 30-year fixed rate was 3.18%. The 52 week low is 2.83%.

The APR on a 30-year fixed rate is 3.39%. This time last week it was 3.35%. The APR is the overall cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a fixed rate mortgage of $ 100,000 over 30 years will pay $ 434 per month in principal and interest (taxes and fees not included) at the current interest rate of 3.23. %. You would pay around $ 56,279 in total interest over the life of the loan.

15 year fixed rate mortgages

Today, the 15-year fixed mortgage rate stands at 2.46%, the same as it was at this time yesterday. Last week it was 2.43%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed rate is 2.71%. This time last week it was 2.69%.

With an interest rate of 2.46%, you would pay $ 665 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 19,683 in total interest.

Giant mortgages

The average interest rate on the 30-year fixed-rate jumbo mortgage is 3.21%. Last week, the average rate was 3.14%. 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 a current interest rate of 3.21% will pay $ 433 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 $ 3,248, and you would pay approximately $ 419,138 in total interest over the life of the loan.

5/1 arm

The average interest rate on a5 / 1 ARM stands at 2.79%, higher than the 52 week low of 2.83%. Last week, the average rate was 2.79%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.79% will pay $ 410 per month in principal and interest.

Calculate your mortgage payment

Mortgages and mortgage lenders are often a necessary part of buying a home, but it can be difficult to figure out what you are paying and what you can actually afford.

You can use the mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price, and down payment.

Collect these data points to calculate your monthly mortgage payment:

  • Interest rate
  • Deposit amount
  • House price
  • term of the loan
  • Taxes
  • Assurance
  • HOA fees

What you can afford depends on a number of factors including your income, debt, debt-to-income ratio, down payment, and credit rating.

You should also factor in closing costs, property taxes, insurance costs, and routine maintenance expenses.

The type of loan you choose can also affect the amount of home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best suited to your particular situation.

Why should I get pre-approved for a mortgage?

Getting pre-approved for a mortgage can help you during the home buying process. Pre-approval of a mortgage is an offer from the lender to lend you money. It can help you appear more attractive to sellers.

To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, income tax returns, and any other documents required by your lender.

The lender you select will walk you through the pre-approval process.




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