May 27, 2022 — Mortgage rates have risen – Forbes Advisor
Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
30-year fixed mortgage rates rose today.
The average rate for a 30-year fixed mortgage is 5.35% with an APR of 5.36%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.67% with an APR of 4.69%. On a 30-year jumbo mortgage, the average rate is 5.26% with an APR of 5.27%. The average rate on a 5/1 ARM is 3.91% with an APR of 4.83%.
Related: Compare current mortgage rates
30-year mortgage rates
Today, the average rate on the benchmark 30-year fixed mortgage has risen to 5.35%. At the same time last week, the 30-year fixed rate was 5.47%. The 52-week high is 5.64%.
The 30-year fixed mortgage APR is 5.36%. At the same time last week, it was 5.48%. Here’s why APR is important.
According to the Forbes Advisor Mortgage Calculator, borrowers with a $100,000 30-year fixed rate mortgage will pay $558 per month in principal and interest (taxes and fees not included) at the current interest rate of 5.35% . In total interest, you would pay $101,029 over the life of the loan.
15-year fixed mortgage rates
The average interest rate on the 15-year fixed mortgage is 4.67%. At this time last week, the 15-year fixed rate mortgage was at 4.79%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 4.69%. This time last week it was 4.81%.
A $100,000 15-year fixed rate mortgage with a current interest rate of 4.67% will cost $774 per month in principal and interest. Over the term of the loan, you will pay $39,268 in total interest.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 5.26%. Last week, the average rate was 5.34%. 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 5.26% will pay $553 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 $4,146, and you would pay approximately $742,623 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
On a 5/1 ARM, the average rate remained at 3.91%. The average rate was 3.87% last week. Today’s rate is currently below the 52-week high of 3.92%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.91% will pay $472 per month in principal and interest.
Calculate your mortgage payment
For a large portion 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.
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 is what you will need:
- Interest rate
- Deposit amount
- house price
- term of the loan
- HOA fees
How much to save for a house
You may know you need to save enough for a down payment, but it takes more money than that to get through the home buying process. Also, after buying, you need to furnish your new home and track potential repairs.
Here are six things to prepare for when saving for a home:
- Advance payment
- Inspection and evaluation
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you through the home buying process. A mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.
To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns, and any other documents required by your lender.
The lender you select will guide you through the pre-approval process.