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’re interested in buying a home or refinancing your current home, you still have a chance to secure a historically low rate.
The average rate on a 30-year fixed mortgage is 3.16%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.45%. The average rate for a 30-year jumbo mortgage is 3.13% and the average rate for a 5/1 ARM is 2.76%.
Related: Compare current mortgage rates
30-year fixed mortgage interest rates
Today, the average 30-year benchmark fixed mortgage rate has remained at 3.16%. A week ago, the 30-year fixed rate was 3.26%. The 52 week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.30%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the cost of financing a loan. This is the overall cost of your loan.
At an interest rate of 3.16%, a 30-year fixed mortgage would cost $ 430 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 $ 54,902 over the life of the loan.
15-year fixed rate mortgage rates
The average interest rate on the 15-year fixed mortgage is 2.45%. At the same time last week, the 15-year fixed rate mortgage was at 2.52%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed rate, the APR is 2.68%. Last week it was 2.75%.
At the current interest rate of 2.45%, a 15-year fixed rate mortgage would cost about $ 664 per month in principal and interest per $ 100,000. You would pay approximately $ 19,599 in total interest over the life of the loan.
Giant mortgage rates
On a 30-year jumbo, the average interest rate is 3.13%, lower than it was on this date last week. The average rate was 3.28% at 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 3.13% will pay $ 429 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 $ 3,215, and you would pay approximately $ 407,348 in total interest over the life of the loan.
Variable rate mortgage rates 5/1
The average interest rate on a 5/1 ARM is 2.76%, higher than the 52 week low of 2.83%. Last week, the average rate was 2.76%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.76% will pay $ 409 per month in principal and interest.
Calculate your mortgage payment
For much of the population, buying a home means working with a mortgage lender to secure a mortgage. It can be difficult to determine how much you can afford and what you are paying for.
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’s what you’ll need:
- House price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and any HOA fees
What you can afford to buy
The amount of home you can afford depends on a number of factors, including your income and debt.
Here are some basic factors that go into what you can afford:
- Debt-to-income ratio, or DTI
- Advance payment
- Credit score
Explain the annual percentage rate
The APR, or annual percentage rate, is a calculation that includes both the interest rate on a loan and the carrying charges on a loan, expressed as an annual cost over the life of the loan. In other words, it is the total cost of credit. APR takes into account interest, fees and time.
The APR can help you understand the full cost of a mortgage if you keep it for the duration of its term. Keep in mind that the APR is often higher than the interest rate.