# December 3, 2021 – Rate cut – Forbes Advisor

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The rate on a 30-year fixed mortgage has come down today, giving buyers and homeowners interested in refinancing a chance to lock in a historically low rate.

To date, the average rate on a 30-year fixed mortgage is 3.25% with an APR of 3.37%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.52% with an APR of 2.73%. On a 30-year jumbo mortgage, the average rate is 3.22% with an APR of 3.31%. The average rate on a 5/1 MRA is 2.74% with an APR of 4.07%.

**Related:** Compare current mortgage rates

## 30-year fixed rate mortgage rates

The average rate fell on a 30-year fixed mortgage, slipping to 3.25% from 3.26% yesterday. Today’s rate is below the 52-week high of 3.37%.

The 30-year fixed mortgage APR is 3.37%. At the same date last week, it was 3.34%. Here’s why PRA is important.

At the current 3.25% interest rate, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 435 per month in principal and interest (taxes and fees not included), the calculator says. Forbes Mortgage Advisor. The total interest paid over the term of the loan will be approximately $ 56,674.

## 15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate stands at 2.52%, a level lower than yesterday. Last week it was 2.53%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed rate is 2.73%. This time last week it was 2.73%.

At the current interest rate of 2.52%, a 15-year fixed rate mortgage would cost about $ 668 per month in principal and interest per $ 100,000. You would pay around $ 20,192 in total interest over the life of the loan.

## Giant mortgage rates

On a 30-year jumbo, the average interest rate stands at 3.22%, the same as it was at this time last week. The average rate was 3.17% 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 3.22% will pay 434 per month in principal and interest in every $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,252 and you would pay approximately $ 420,616 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 2.74% 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.

## How to calculate mortgage payments

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.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.

To calculate your monthly mortgage payment, here’s what you’ll need:

- The price of the house
- The amount of your deposit
- The interest rate
- The term of the loan
- All taxes, insurance and all HOA fees

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

You should also factor in closing costs, property taxes, insurance costs, and routine maintenance expenses.

The type of loan you choose can also affect the amount of 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.

## What is the APR?

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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