Mortgage Interest Rates Today

Current Rates for today. 30-year fixed rates decreased today.

The average rate on a 30-year fixed mortgage is 5.49%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.73%. The average rate on a 30-year jumbo mortgage is 5.39%, and the average rate on a 5/1 ARM is 3.67%.

Loan termRateChangeRate last week
30-Year Mortgage Rate5.49%0.00%5.49%
15-Year Fixed Rate4.73%0.03%4.70%
30-Year Jumbo Mortgage Rate5.39%0.00%5.39%
5/1 ARM Rate3.67%0.01%3.66%
Source: Bankrate.com

30-Year Mortgage Rates

The average rate fell on a 30-year fixed mortgage, slipping to 5.49% from 5.50% yesterday. Today’s rate is lower than the 52-week high of 5.50%.

The 30-year fixed mortgage APR is 5.51%. At this time last week, it was 5.51%. Here’s why APR is important.

At today’s interest rate of 5.49%, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay 567 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $104,178 over the life of the loan.

15-Year Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 4.73%. This same time last week, the 15-year fixed-rate mortgage was at 4.70%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.77%. This time last week, it was 4.74%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 4.73% will cost 777 per month in principal and interest. Over the life of the loan, you would pay $39,824 in total interest.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.39%, lower than it was at this time last week. The average rate was 5.39% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.39% will pay 561 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around 4,207, and you’d pay around $764,448 in total interest over the life of the loan.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate stayed at 3.67%. The average rate was 3.66% last week. Today’s rate is currently higher than the 52-week high of 3.63%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.67% will pay 459 per month in principal and interest.

Calculating Mortgage Payments

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be challenging to figure out how much you can afford and what you’re paying for.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

Here’s what you’ll need in order to calculate your monthly mortgage payment:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • HOA fees

What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

Getting Preapproved for a Mortgage

Mortgage preapproval represents a lender’s offer to loan you money based on your financial circumstances and specific terms.

You can start the preapproval process by gathering documents your lender will need, including your:

  • Social Security card
  • Recent W-2 forms
  • Pay stubs
  • Bank statements
  • Tax returns

The lender you select will then guide you through the preapproval process.

Current Mortgage Rates for today.

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