April 29, 2022 – No movement on mortgage rates – Forbes Advisor
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Mortgage rates remained stable today.
The average rate for a 30-year fixed mortgage is 5.50% with an APR of 5.51%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.74% with an APR of 4.77%. On a 30-year jumbo mortgage, the average rate is 5.38% with an APR of 5.40%. The average rate on a 5/1 ARM is 3.67% with an APR of 4.70%.
Related: Compare current mortgage rates
30-year mortgage rates
The average 30-year benchmark fixed rate mortgage rate remained at 5.50%. This time last week, the 30-year fixed rate was 5.35%. Today’s rate is the same as the 52 week high of 5.50%.
The 30-year fixed mortgage APR is 5.51%. At the same time last week, it was 5.37%. Here’s why APR is important.
According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $568 per month in principal and interest (taxes and fees not included) at the current interest rate of $5.50. %. In total interest, you would pay $104,404 over the life of the loan.
15-year mortgage rates
Today, the 15-year fixed mortgage rate is at 4.74%, the same as it was at this time yesterday. Last week it was 4.53%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 4.77%. Last week it was 4.56%.
At the current interest rate of 4.74%, a 15-year fixed rate mortgage would cost approximately $777 per month in principal and interest per $100,000. You would pay approximately $39,917 in total interest over the life of the loan.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 5.38%. Last week, the average rate was 5.23%. 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 5.38% will pay $560 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 $4,202, and you would pay approximately $762,764 in total interest over the life of the loan.
ARM 5/1 tariffs
On a 5/1 ARM, the average rate remained at 3.67%. The average rate was 3.64% last week. Today’s rate is currently above 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 a month in principal and interest.
Calculation of 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.
Gather these data points to calculate your monthly mortgage payment:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all 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.
Do I need to get pre-approved for a mortgage loan?
A mortgage pre-approval is a lender’s offer to lend you money based on your financial situation and specific terms.
You can start the pre-approval process by gathering the documents your lender will need, including:
- social security card
- Recent W-2 forms
- Bank statements
- Tax returns
The lender you select will then guide you through the pre-approval process.