# December 15, 2021 – Mortgage rates remain at historically low levels – Forbes Advisor

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Mortgage rates have remained stable today. Buyers – and homeowners looking to refinance – still have the option of taking advantage of a historically low rate.

Today, the average rate for a 30-year fixed mortgage is 3.29%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.54%. On a 30-year jumbo mortgage, the average rate is 3.24% and the average rate on a 5/1 ARM is 2.74%.

**Related:** Compare current mortgage rates

## 30-year fixed rate mortgage rates

The average 30-year fixed-rate benchmark mortgage rate remained at 3.29%. At the same time last week, the 30-year fixed rate was 3.28%. Today’s rate is below the 52-week high of 3.37%.

The 30-year fixed mortgage APR is 3.41%. At the same date last week, it was 3.40%. Here’s why PRA is important.

At the current interest rate of 3.29%, borrowers with a fixed rate mortgage of $ 100,000 over 30 years will pay 437 per month in principal and interest (taxes and fees not included), says mortgage calculator Forbes Advisor. The total interest paid over the term of the loan will be approximately $ 57,466.

## 15-year mortgage rates

The average interest rate on the 15-year fixed mortgage is 2.54%. At the same time last week, the 15-year fixed rate mortgage was at 2.55%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed rate, the APR is 2.74%. Last week it was 2.74%.

A 15-year, $ 100,000 fixed rate mortgage with a current interest rate of 2.54% will cost $ 669 per month in principal and interest. Over the life of the loan, you would pay $ 20,361 in total interest.

## Giant mortgage rates

The average interest rate on the 30-year fixed rate jumbo mortgage is 3.24%. Last week the average rate was 3.25%. 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 3.24% will pay 435 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 $ 3,260, and you would pay approximately $ 423,576 in total interest over the life of the loan.

## ARM rate 5/1

On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.75% last week. Today’s rate is currently below the 52-week high of 3.43%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 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.

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.

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

## Determine how much house you can afford

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:

- Your income
- Your debt
- Your debt-to-income ratio, or DTI
- Your deposit
- Your credit rating

## Why the APR is important

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. Keep in mind that the APR is often higher than the interest rate.

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