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Mortgage rates fell today. If you want to buy a house or refinance your current home, you still have a chance to lock in a historically low rate.
Today, the average rate for a 30-year fixed mortgage is 4.12%, according to Bankrate.com, while the average rate for a 15-year mortgage is 3.40%. On a 30-year jumbo mortgage, the average rate is 4.09% and the average rate on a 5/1 ARM is 2.92%.
Related: Compare current mortgage rates
30-year mortgage rates
Today, the average benchmark 30-year fixed mortgage rate has fallen to 4.12%. At the same time last week, the 30-year fixed rate was 4.29%. Today’s rate is below the 52-week high of 4.29%.
On a 30-year fixed mortgage, the APR is 4.07%, lower 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 the current interest rate of 4.12%, homebuyers with a $100,000 30-year fixed rate mortgage will pay $484 a month in principal and interest (taxes and fees not included), according to the mortgage calculator Forbes Advisor. The total interest paid over the term of the loan will be approximately $74,369.
15-year mortgage rates
Today, the 15-year fixed mortgage rate is 3.40%, lower than it was yesterday. Last week it was 3.49%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 3.39%. This time last week it was 3.46%.
A fixed rate mortgage of $100,000 for 15 years with a current interest rate of 3.40% will cost 710 per month in principal and interest. Over the term of the loan, you will pay $27,797 in total interest.
Giant Mortgage Rates
On a 30-year jumbo, the average interest rate is 4.09%, lower than it was on the same date last week. The average rate was 4.32% 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 4.09% will pay $483 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 $3,620, and you would pay approximately $553,070 in total interest over the term of the loan.
5/1 ARM interest rate
The average interest rate on a 5/1 ARM sits at 2.92%, above the 52-week low of 2.82%. Last week, the average rate was 2.94%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.92% will pay $417 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:
- Interest rate
- Deposit amount
- house price
- term of the loan
- HOA fees
What you can afford depends on a number of factors, including your income, debt, debt-to-equity ratio, down payment, and credit score.
You should also factor in closing costs, property taxes, insurance costs, and ongoing maintenance costs.
The type of loan you choose can also affect how much home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best suited for your particular situation.
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you through the home buying process. A mortgage pre-approval is a lender’s offer 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, tax returns, and any other documents required by your lender.
The lender you select will guide you through the pre-approval process.