September 9, 2022 – Rates Hit a 52-Week High – Forbes Advisor

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The average rate for a 30-year fixed mortgage jumped 0.04% last week to 6.18%.

Meanwhile, the average rate for a 15-year fixed mortgage rose 0.04% over the same period to 5.34%.

For existing homeowners, compare your current mortgage rates with today’s refinance rates.

Related: Compare Current Mortgage Rates

30-year mortgage rates

Today, the average rate for a 30-year fixed rate mortgage is 6.18%, down from 6.14% last week. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 6.18%.

The annual percentage rate of charge (APR) on a 30-year fixed rate mortgage is 6.19%. The APR was 6.16% last week. The APR is the overall cost of your loan.

With a current interest rate of 6.18%, a $100,000 30-year fixed mortgage costs about $611 per month in principal and interest (taxes and fees not included), says Forbes Advisor’s mortgage calculator . Borrowers will pay approximately $120,022 in total interest over the life of the loan.

15-year mortgage interest rate

Today, the 15-year fixed mortgage rate is at 5.34%, which is lower than it was a day ago. Last week it was 5.30%. Today’s rate is above the 52-week low of 4.62%.

The APR on a 15-year fixed is 5.37%. It was 5.33% this time last week.

A $100,000 15-year fixed rate mortgage with a current interest rate of 5.34% will cost $809 per month in principal and interest. Over the term of the loan, you will pay $45,551 in total interest.

Giant Mortgage Rates

The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.20%, up 0.03% from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.20%.

A giant 30-year mortgage at the current fixed interest rate of 6.20% will cost you $612 per month in principal and interest per $100,000. On a giant $750,000 mortgage, the monthly principal and interest payment would be around $4,598.

5/1 ARM interest rate

Today’s average interest rate on a 5/1 ARM is 4.60%, up 0.08% from the previous week. In the past 52 weeks, the lowest ARM 5:1 rate was 4.11% and the highest was 4.60%.

Borrowers with the current rate of 4.60% will spend $513 in principal and interest per month on a $100,000 loan.

Where are mortgage rates going this year?

During the first part of 2022, home loan rates rose and currently sit at around 6.18% for the popular 30-year fixed rate mortgage. Experts are divided on whether they will continue to rise – some forecasts put the year-end average at nearly 7% – or stay flat from here. If you are looking for a mortgage, you should check rates frequently and always compare lenders.

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 term 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.

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