September 1, 2022—Rates Rise – 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.
The average rate for a 30-year fixed mortgage is 5.99% with an APR of 6.01%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 5.23% with an APR of 5.25%. On a 30-year jumbo mortgage, the average rate is 6.00% with an APR of 6.01%. The average rate on a 5/1 ARM is 4.50% with an APR of 6.21%.
Related: Compare current mortgage rates
30-year fixed mortgage interest rate
Today, the average benchmark 30-year fixed mortgage rate fell to 5.99% from 6.03% yesterday. A week ago, the 30-year fixed was 5.96%. The 52-week high is 6.11%.
On a 30-year fixed mortgage, the APR is 6.01%, higher than it was last week. The APR, or annual percentage rate, consists of 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 5.99%, a 30-year fixed mortgage would cost $599 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you would pay $115,607 over the life of the loan.
15-year mortgage interest rate
Today’s 15-year fixed mortgage rate is 5.23%, up 0.11% from the previous week. At this time last week, the 15-year fixed rate mortgage was at 5.12%. Today’s rate is above the 52-week low of 4.62%.
The APR on a 15-year fixed is 5.25%. It was 5.14% a week earlier.
A 15-year fixed rate mortgage with a current interest rate of 5.23% will cost $803 per month in principal and interest on a $100,000 mortgage (excluding taxes and insurance). In this scenario, borrowers would pay approximately $44,509 in total interest.
Giant Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.00%, up 0.01% from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.07%.
A giant 30-year mortgage at the current fixed interest rate of 6.00% will cost you $600 per month in principal and interest per $100,000. On a giant $750,000 mortgage, the monthly principal and interest payment would be around $4,501.
5/1 Adjustable Rate Mortgage Rates
The current average interest rate on a 5/1 arm is 4.50%. The 52-week low was 4.09% compared to a 52-week high of 4.50%.
If you lock in the current 5/1 ARM interest rate of 4.50% on a $100,000 loan, your monthly payments (including principal and interest) will be $507.
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
What is an APR and why is it important?
The Annual Percentage Rate (APR) represents the interest rate and fees for a loan, expressed as an annual cost over the life of the loan. This is basically the overall cost of the loan.
The APR is a useful number because it tells you the total cost of a mortgage if you hold it for the full term.