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Today, the average rate on a 30-year fixed mortgage is 6.56%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.63%. On a 30-year jumbo mortgage, the average rate is 6.60%, and the average rate on a 5/1 ARM is 5.33%.
Target: Compare Current Mortgage Rates
Mortgage payment due January 23, 2023
30 Year Fixed Income Mortgage Interest Rate
Borrowers paid an average rate on a 30-year fixed mortgage of 6.56%. This was up from last week’s rate of 6.49%.
Currently, the average annual percentage (APR) on a 30 year fixed rate mortgage of 6.57%. This is higher than last week when the APR was 6.50%. The APR includes both mortgage interest and fees that are included to help provide a more complete picture of loan costs.
To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed term loan at the current interest rate of 6.56% would cost about $636, including principal and interest (taxes and fees not included) each. month, the Forbes Advisor mortgage calculator display. This is about $128,967 in total interest over the life of the loan.
15 Year Long Term Mortgage Rates
The average interest rate on a 15-year fixed mortgage sits at 5.63%. At the same time last week, the 15-year mortgage remained at 5.74%.
On a 15-year fixed term, the APR is 5.65%. Last week it was 5.76%.
A 15-year fixed-term mortgage of $100,000 with today’s interest rate of 5.63% would cost $824 a month in principal and interest. Over the life of the loan, you will pay $48,320 in total interest.
Jumbo mortgage rates
The average interest rate on a 30-year jumbo mortgage is 6.60%. Last week, the average was 6.50%. In the past year, the rate on a 30-year jumbo mortgage has been as high as 7.27% and as low as 6.35%.
If you lock in today’s rate of 6.50% on a 30-year, fixed jumbo mortgage, you’ll pay $639 a month in principal and interest on $100,000 in financing. This means that for a loan of $750,000, the monthly principal and interest is about $4,790, and you will pay about $974,379 in total interest over the life of the loan.
5/1 ARM Rate
Today’s interest rate on a 5/1 ARM is 5.33%. In the last 52 weeks, the highest 5/1 ARM rate was 5.60%.
Borrowers at the current rate of 5.33% would spend $557 in principal and interest per month on a $100,000 loan.
How to Calculate Mortgage Payments
Know your budget before you start looking for a home. This will give you an idea of the type of house you can afford. A good place to start is to use a mortgage calculator to get an estimate.
Just provide the following information:
- Housing price
- Total payment
- Loan period
- Taxes, insurance and any HOA fees
What is APR, and why is it important?
The annual percentage rate, or APR, includes mortgage interest and lender fees over the life of the loan. This is important because it can give home buyers a more complete picture of total costs, not just interest.
Comparing APRs across lenders is a great way to see the full cost because it will show everything from interest to fees.