October 21, 2021 – Mortgage rates remain unchanged – Forbes Advisor
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Now is the right time to lock in a mortgage rate. The average rate on a 30-year fixed rate mortgage has remained the same today, keeping rates at historically low levels.
To date, the average rate on a 30-year fixed mortgage is 3.21% with an APR of 3.37%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.48% with an APR of 2.71%. On a 30-year jumbo mortgage, the average rate is 3.18% with an APR of 3.27%. The average rate on a 5/1 ARM is 2.80% with an APR of 3.92%.
Related: Compare current mortgage rates
30-year fixed rate mortgage rates
The average 30-year fixed-rate benchmark mortgage rate remained at 3.21%. At the same time last week, the 30-year fixed rate was 3.24%. 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 3.39%. Here’s why the APR is important.
At an interest rate of 3.21%, a 30-year fixed mortgage would cost $ 433 per month in principal and interest (taxes and fees not included) per $ 100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be approximately $ 55,885.
15-year fixed mortgage rates
Today, the 15-year fixed mortgage rate stands at 2.48%, higher than it was at this time yesterday. Last week it was 2.46%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed rate is 2.71%. This time last week it was 2.71%.
A 15-year, $ 100,000 fixed rate mortgage with a current interest rate of 2.48% will cost $ 666 per month in principal and interest. Over the life of the loan, you would pay $ 19,853 in total interest.
Giant mortgage rates
On a 30-year jumbo, the average interest rate is 3.18%, lower than it was on this date last week. The average rate was 3.21% 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 3.18% will pay $ 431 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 $ 3,235, and you would pay approximately $ 414,709 in total interest over the life of the loan.
ARM rate 5/1
On a 5/1 ARM, the average rate fell to 2.80% from 2.81% yesterday. The average rate was 2.80% 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 2.80% will pay $ 411 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.
Here’s what you’ll need to calculate your monthly mortgage payment:
- House price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and any HOA fees
Save for a house
You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.
Here are six things you can do to save money for a home:
- Advance payment
- Inspection and assessment
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
Explain the annual percentage rate
The APR, or annual percentage rate, is the overall cost of your loan. It includes interest and finance charges on your loan, accounting for interest, fees, and time.
Since the APR includes both the interest rate and some fees associated with a home loan, the APR can help you understand the full cost of a mortgage if you keep it for its duration. The APR will generally be higher than the interest rate, but there are exceptions.