October 13, 2022 – Rates Hit a 52-Week High – Forbes Advisor
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Today’s average rate on a 30-year fixed mortgage is 7.13%, up 0.24% from the previous week.
Borrowers may be able to save on interest charges by switching to a 15-year fixed rate mortgage, as they often have a lower rate than a 30-year fixed rate mortgage. The average rate for a 15-year fixed mortgage is 6.30%. However, you will have higher monthly payments since you pay off your mortgage in 15 years instead of 30.
If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.
Related: Compare current mortgage rates
Mortgage rates for October 13, 2022
30-year fixed mortgage rates
Today, the average rate for a 30-year fixed rate mortgage is 7.13%, down from 6.89% last week. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 7.13%.
The annual percentage rate (APR) on a 30-year fixed rate mortgage is 7.14%. The APR was 6.91% last week. The APR is the overall cost of your loan.
With a current interest rate of 7.13%, a $100,000 30-year fixed mortgage costs about $674 per month in principal and interest (taxes and fees not included), according to Forbes Advisor’s mortgage calculator. Borrowers will pay approximately $142,660 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year fixed mortgage rate is 6.30%, up 0.21% from the previous week. At this time last week, the 15-year fixed rate mortgage was at 6.09%. Today’s rate is above the 52-week low of 4.62%.
The APR on a 15-year fixed is 6.34%. It was 6.12% a week earlier.
A 15-year fixed rate mortgage with a current interest rate of 6.30% will cost $860 per month in principal and interest on a $100,000 mortgage (excluding taxes and insurance). In this scenario, borrowers would pay approximately $54,827 in total interest.
Giant Mortgage Rates
Today’s average interest rate on a 30-year fixed rate jumbo mortgage climbed 0.26% from last week to 7.16%. That’s 1.97% higher than the 52-week low of 5.19%.
Borrowers with a giant 30-year fixed rate mortgage with a current interest rate of 7.16% will pay approximately $676 per month in principal and interest per $100,000. On a giant $750,000 mortgage, the monthly principal and interest payment would be around $5,076.
5/1 ARM interest rate
The average interest rate on a 5/1 ARM sits at 5.37%, above the 52-week low of 4.11%. Last week, the average rate was 5.36%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 5.37% will pay $560 per month in principal and interest.
How to calculate mortgage payments
One of the first steps in buying a home is setting a budget. To get a rough idea of the cost of owning a home, start by using a mortgage calculator to work out the numbers.
Simply enter the following data to get an idea of the cost of a house:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
How many houses can I afford?
The first step in your home buying journey should be to calculate affordability. You’ll want to know how much you can afford based on factors like income, debt, and savings.
Here are some important factors that go into the affordability of a home:
- Debt ratio (DTI)
- Advance payment
- Credit score