July 1, 2022 — Rates Lower – Forbes Advisor
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The current average rate for a 30-year fixed mortgage is 5.90%, down from 5.88% a week earlier.
For borrowers who want a shorter mortgage, the average rate for a 15-year fixed mortgage is 5.10%, the same as the week before.
Homeowners who want to get a lower rate by refinancing should compare their current mortgage rate to the current rate.
Related: Compare current mortgage rates
30-year fixed mortgage interest rate
The average rate fell on a 30-year fixed mortgage, slipping to 5.90% from 6.00% yesterday. The 52 week low is 3.00%.
On a 30-year fixed mortgage, the APR is 5.91%, higher than it was last week. The APR, or annual percentage rate, comprises the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.
At an interest rate of 5.90%, a 30-year fixed mortgage would cost $593 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $113,529 in total interest over the life of the loan.
15-year mortgage rates
Today, the 15-year fixed mortgage rate is at 5.10%, lower than it was yesterday. Last week it was 5.10%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 5.13%. This time last week it was 5.13%.
At the current interest rate of 5.10%, a 15-year fixed rate mortgage would cost approximately $796 per month in principal and interest per $100,000. You would pay approximately $43,282 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 5.78%. Last week, the average rate was 5.77%. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 3.03%.
Borrowers with a giant 30-year fixed-rate mortgage with a current interest rate of 5.78% will pay $585 a 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 $4,391, and you would pay approximately $830,796 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
On an ARM 5/1, the average rate rose slightly to 4.29% from 4.28% yesterday. The average rate was 4.29% last week. Today’s rate is currently below the 52-week high of 4.32%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 4.29% will pay $494 per month in principal and interest.
Calculate your mortgage payment
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.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price and down payment.
To calculate your monthly mortgage payment, here is what you will need:
- 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.
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