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Mortgage rates have gone up today, but if you’re interested in buying a home or refinancing your current home, you still have a chance to secure a historically low rate.
Today, the average rate for a 30-year fixed mortgage is 3.22%, according to Bankrate.com, while the average rate for 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 30-year fixed-rate benchmark mortgage rate has increased to 3.22%. Last week, the 30-year fixed rate was 3.24%. The 52 week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.34%, lower than last week. The APR, or annual percentage rate, includes an interest rate on loans and the cost of financing loans. This is the overall cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 434 per month in principal and interest (taxes and fees not included) at the current interest rate of $ 3. 22%. You would 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 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 rate is 2.73%. This time last week it was 2.74%.
At the current interest rate of 2.53%, a 15-year fixed rate mortgage would cost about $ 668 per month in principal and interest per $ 100,000. You would pay approximately $ 20,276 in total interest over the life of the loan.
Giant mortgage rates
On a 30-year jumbo, the average interest rate is 3.17%, lower than it was on this date last week. The average rate was 3.20% on the same date 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 a current interest rate of 3.17% will pay 431 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 3,231, and you would pay approximately $ 413,235 in total interest over the life of the loan.
Variable rate mortgage rates 5/1
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 below the 52-week high of 3.43%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 per month in principal and interest.
Calculation of mortgage payments
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.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.
Collect these data points to calculate your monthly mortgage payment:
- The price of the house
- The amount of your deposit
- The interest rate
- The term of the loan
- All taxes, insurance and all HOA fees
How much to save for a house
You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.
Here are six things to prepare to save for a home:
- Advance payment
- Inspection and assessment
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
Do I need to 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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