May 11, 2022 — Mortgage rates remain stable – Forbes Advisor

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Mortgage rates were flat today.

The average rate for a 30-year fixed mortgage is 5.64% with an APR of 5.66%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.88% with an APR of 4.91%. On a 30-year jumbo mortgage, the average rate is 5.55% with an APR of 5.56%. The average rate on a 5/1 ARM is 3.83% with an APR of 4.87%.

Related: Compare current mortgage rates

30-Year Fixed-Rate Mortgage Rates

The average rate remained stable on a 30-year fixed mortgage, remaining at 5.64%. The 52 week low is 3.00%.

The 30-year fixed mortgage APR is 5.66%. At the same time last week, it was 5.55%. Here’s why APR is important.

At the current interest rate of 5.64%, borrowers with a $100,000 30-year fixed rate mortgage will pay $577 per month in principal and interest (taxes and fees not included), according to the Forbes Mortgage Calculator Advisor. In total interest, you would pay $107,577 over the life of the loan.

15-year mortgage interest rate

The average interest rate on the 15-year fixed mortgage is 4.88%. At this time last week, the 15-year fixed rate mortgage was at 4.76%. Today’s rate is above the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.91%. This time last week it was 4.80%.

A $100,000 15-year fixed rate mortgage with a current interest rate of 4.88% will cost $785 per month in principal and interest. Over the term of the loan, you will pay $41,220 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate stands at 5.55%, higher than it was at this time last week. The average rate was 5.45% 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 5.55% will pay $571 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 $4,282, and you would pay approximately $791,511 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Rates

On an ARM 5/1, the average rate rose slightly to 3.83% from 3.80% yesterday. The average rate was 3.78% last week. Today’s rate is currently above the 52-week high of 3.80%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.83% will pay $468 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.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.

Here’s what you’ll need 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 many houses can I afford?

How much home you can afford depends on a number of factors, including your income and your debt.

Here are some basic factors that go into what you can afford:

  • Your income
  • Your debt
  • Your debt ratio, or DTI
  • Your deposit
  • Your credit score

Explain the annual percentage rate of charge

The APR, or annual percentage rate, is the overall cost of your loan. It includes interest and finance charges for your loan, taking into account interest, fees and time.

The APR can help you understand the total cost of a mortgage if you keep it for the full term. Keep in mind that the APR is often higher than the interest rate.

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