Mortgage

December 24, 2021—Mortgage Rates Remain Unchanged – Forbes Advisor

Here Are Today’s Mortgage Rates: December 24, 2021—Mortgage Rates Remain Unchanged
Written by Publishing Team

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Mortgage rates have not moved today. If you’re interested in buying a home or refinancing your existing home, you still stand a chance of hitting a historically low price.

As of today, the average rate on a 30-year fixed-rate mortgage is 3.23% with an annual interest rate of 3.37%, according to Bankrate.com. The average fixed rate mortgage for 15 years is 2.53% with an annual interest rate of 2.74%. On a 30-year jumbo mortgage, the average rate is 3.18% with an APR of 3.28%. The average price on 1/5 ARM is 2.74% with an annual rate of 4.07%.

Related: Compare current mortgage rates

Fixed mortgage rates for 30 years

The average fixed interest rate for a 30-year mortgage remained at 3.23%. This time last week, the 30-year flat rate was 3.28%. The 52-week low is 2.83%.

On a 30-year fixed-rate mortgage, the APR is 3.37%, which is lower than it was last week. APR, or annual percentage rate, includes the loan’s interest rate and loan financing fee. It is the overall cost of your loan.

At the current interest rate of 3.23%, homebuyers with a 30-year fixed mortgage of $100,000 will pay 434 per month of principal and interest (taxes and fees not included), Forbes Advisor’s mortgage calculator shows. The total interest paid over the term of the loan will be approximately $56,279.

Fixed mortgage rates for 15 years

The average interest rate for a 15-year fixed-rate mortgage is 2.53%. At the same time last week, the 15-year mortgage had a fixed interest rate of 2.54%. Today’s rate is above a 52-week low of 2.28%.

The 15-year fixed annual interest rate is 2.74%. This time last week, it was 2.74%.

At an interest rate of 2.53% today, a 15-year fixed-rate mortgage would cost about 668 per month in principal and interest per $100,000. You will pay approximately $20,276 in total interest over the term of the loan.

Jumbo Mortgage Rates

The average interest rate for a jumbo 30-year mortgage is 3.18%. The average percentage last week was 3.24%. The 30-year flat rate on a jumbo mortgage is currently above a 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage will pay today’s interest rate of 3.18% 431 per month in principal and interest per $100,000. This means that on a $750,000 loan, your monthly principal and interest payments would be approximately $3,235, and you would pay approximately $414,709 in total interest over the life of the loan.

1/5 adjustable mortgage rates

At 1/5 ARM, the average rate remained at 2.74%. The price averaged 2.75% last week. Today’s interest rate is below the 52-week high of 3.43%.

Borrowers with a 1/5 ARM of $100,000 with an interest rate today of 2.74% would pay 408 per month in principal and interest.

How to calculate mortgage payments

Mortgage lenders are often a necessary part of buying a home, but it can be difficult to understand what you’re paying for — and what you can actually afford.

To estimate your monthly mortgage payments, you can use a mortgage calculator. It will provide you with an estimate of the amount of your monthly principal and interest payments based on your interest rate, down payment, purchase price and other factors.

Here’s what you’ll need to calculate your monthly mortgage payment:

  • Interest rate
  • Advance amount
  • house price
  • loan period
  • taxes
  • insurance
  • HOA . fee

What you can afford to buy

How much home you can afford depends on more than just your income and debt.

Here are some of the key factors that go into what you can afford:

  • Enter
  • religion
  • The debt-to-income ratio, or DTI
  • push down
  • Balance level

Explanation of the annual percentage rate

The annual interest rate, or annual percentage rate, is a calculation that includes both the interest rate on a loan and the loan financing fee, expressed as an annual cost over the life of the loan. In other words, it is the total cost of credit. APR calculations for interest, fees and time.

The annual interest rate (APR) is important because it can help you understand the total cost of your home loan if you decide to hold it for the entire term.

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