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For anyone in the market to buy or refinance a home, this is the time to hit a low price. Mortgage rates remained unchanged today, keeping rates at historic lows.
As of today, the average rate on a 30-year fixed-rate mortgage is 3.46% with an annual interest rate of 3.57%, according to Bankrate.com. The average fixed rate mortgage for 15 years is 2.73% with an annual interest rate of 2.93%. On a 30-year jumbo mortgage, the average rate is 3.46% with an APR of 3.54%. The average price on 1/5 ARM is 2.73% with an annual rate of 4.07%.
Related: Compare current mortgage rates
30 year mortgage rates
The average 30-year fixed-rate benchmark mortgage rate remained at 3.46%. A week ago, the 30-year flat rate was 3.32%. The 52-week low is 2.83%.
The APR for a 30-year fixed-rate mortgage is 3.57%. At this time last week, it was 3.44%. Here’s why APR is important.
According to Forbes Advisor’s mortgage calculator, borrowers with a 30-year fixed mortgage of $100,000 will pay 447 per month in principal and interest (taxes and fees not included) at a today’s interest rate of 3.46%. In total interest, you’ll pay $60,853 over the term of the loan.
Fixed mortgage rates for 15 years
The average interest rate for a 15-year fixed mortgage is 2.73%. At the same time last week, the 15-year mortgage was at a flat rate of 2.60%. Today’s rate is above a 52-week low of 2.28%.
The 15-year fixed annual interest rate is 2.93%. This time last week, it was 2.81%.
At today’s interest rate of 2.73%, a 15-year mortgage would cost approximately 678 per month in principal and interest per $100,000. You will pay approximately $21,981 in total interest over the term of the loan.
Jumbo Mortgage Rates
The average interest rate for a jumbo 30-year mortgage is 3.46%. The average percentage last week was 3.31%. 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 3.46% 447 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 $3,351, and you would pay about $456,400 in total interest over the life of the loan.
1/5 adjustable mortgage rates
The average interest rate on 5/1 ARM sits at 2.73%, above a 52-week low of 2.82%. The average percentage over the past week was 2.74%.
Borrowers with a 1/5 ARM of $100,000 with today’s interest rate of 2.73% would pay 407 per month in principal and interest.
Calculating mortgage payments
For many residents, buying a home means working with a mortgage lender to obtain a mortgage. It can be hard to know how much you can afford and what to pay for it.
Using a mortgage calculator can help you estimate your monthly mortgage payments based on your interest rate, purchase price, down payment, and other expenses.
To calculate your monthly mortgage payments, here’s what you’ll need:
- house price
- Advance amount
- Interest rate
- loan period
- Taxes, insurance and any over-the-air charges
Find out how much home you can afford
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:
- The debt-to-income ratio, or DTI
- push down
- Balance level
Why should I get pre-approved for a mortgage?
A mortgage pre-approval is an offer by a lender to lend you money based on your financial circumstances and specific terms.
You can start the pre-approval process by gathering the documents the lender will need, including:
- social security card
- Modern W-2 Models
- bank statements
- tax revenue
The lender you choose will then guide you through the pre-approval process.