May 13, 2022 – Mortgage Rates Remain Stable – 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.
Mortgage rates remained stable today.
The average rate for a 30-year fixed mortgage is 5.64% with an APR of 5.66%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.88% with an APR of 4.92%. On a 30-year jumbo mortgage, the average rate is 5.55% with an APR of 5.57%. The average rate on a 5/1 ARM is 3.85% with an APR of 4.79%.
30-year fixed mortgage interest rate
Today, the average 30-year benchmark fixed mortgage rate remained at 5.64%. A week ago, the 30-year fixed was 5.60%. The 52 week low is 3.00%.
The APR on a 30-year fixed is 5.66%. This time last week it was 5.62%. The APR is the overall cost of your loan.
According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $577 per month in principal and interest (taxes and fees not included) at the current interest rate of 5. 64%. The total interest paid over the term of the loan will be approximately $107,577.
15-year mortgage interest rate
The average interest rate on the 15-year fixed mortgage is 4.88%. At this time last week, the 15-year fixed rate mortgage was at 4.79%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 4.92%. Last week it was 4.83%.
With an interest rate of 4.88%, you would pay $785 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $41,220 in total interest.
Giant Mortgage Rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 5.55%. Last week, the average rate was 5.51%. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 3.03%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.55% will pay $571 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 $4,282, and you would pay approximately $791,511 in total interest over the life of the loan.
5/1 ARM interest rate
The average interest rate on a 5/1 ARM is 3.85%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.78%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.85% will pay $469 per month in principal and interest.
Calculation of mortgage payments
If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits your budget.
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.
To calculate your monthly mortgage payment, here is what you will need:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
How many houses can I afford?
The amount of home you can afford depends on a number of factors, including your income and debt.
Here are some major factors that go into what you can afford:
- Your income
- Your debt
- Your debt ratio, or DTI
- Your deposit
- Your credit score
Why APR Matters
The annual percentage rate, or APR, takes into account interest, fees and time. This is the total cost of your loan and includes both the interest rate of the loan and its finance charges.
Since the APR includes both the interest rate and some fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you hold it for the full term. The APR will generally be higher than the interest rate, but there are exceptions.