July 8, 2021 – No movement on mortgage rates – Forbes Advisor
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Mortgage rates haven’t budged today. If you’re interested in buying a home or refinancing your current home, you still have a chance to secure a historically low rate.
Today, the average rate for a 30-year fixed mortgage is 3.11%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.41%. On a 30-year jumbo mortgage, the average rate is 3.07% and the average rate on a 5/1 ARM is 2.86%.
30 year fixed rate mortgages
Today, the average 30-year benchmark fixed mortgage rate has remained at 3.11%. A week ago, the 30-year fixed rate was 3.12%. Today’s rate is lower than the 52-week high of 3.37%.
The 30-year fixed mortgage APR is 3.30%. At the same date last week, it was 3.32%. Here’s why the APR is important.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 428 per month in principal and interest (taxes and fees not included) at the current interest rate of Â£ 3.00 11%. The total interest paid over the term of the loan will be approximately $ 53,922.
15 year fixed rate mortgages
The average interest rate on the 15-year fixed mortgage is 2.41%. At the same time last week, the 15-year fixed rate mortgage was at 2.43%. Today’s rate is higher than the 52-week low of 2.32%.
On a 15-year fixed rate, the APR is 2.70%. Last week it was 2.72%.
A 15 year fixed rate mortgage of $ 100,000 with a current interest rate of 2.41% will cost 663 per month in principal and interest. Over the life of the loan, you would pay $ 19,261 in total interest.
The average interest rate on the 30-year fixed rate jumbo mortgage is 3.07%. Last week, the average rate was 3.08%. 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 3.07% will pay 425 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 $ 3,190, and you would pay approximately $ 398,549 in total interest over the life of the loan.
The average interest rate on a 5/1 ARM stands at 2.86%, higher than the 52 week low of 2.85%. Last week, the average rate was 3.33%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.86% will pay 414 per month in principal and interest.
Calculation of mortgage payments
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.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price, and down payment.
Here’s what you’ll need to calculate your monthly mortgage payment:
- Interest rate
- Deposit amount
- House price
- term of the loan
- HOA fees
How much to 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
What is the APR?
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.
The APR can help you understand the full cost of a mortgage if you keep it for the duration. Keep in mind that the APR is often higher than the interest rate.