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Mortgage rates have remained stable today. If you are looking to buy or refinance a home, you still have the opportunity to take advantage of a historically low rate.
Today, the average rate for a 30-year fixed mortgage is 3.19%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.49%. On a 30-year jumbo mortgage, the average rate is 3.16% and the average rate on a 5/1 ARM is 2.74%.
Related: Compare current mortgage rates
30-year mortgage rates
On a 30-year fixed mortgage, the APR is 3.34%, compared to last week. The APR, or annual percentage rate, includes the interest rate on a loan and the cost of financing a loan. This is the overall cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 432 per month in principal and interest (taxes and fees not included) at the current interest rate of $ 3. , 19%. The total interest paid over the term of the loan will be approximately $ 55,491.
15-year fixed mortgage rates
The APR on a 15-year fixed rate is 2.72%. This time last week it was 2.72%.
At the current interest rate of 2.49%, a 15-year fixed rate mortgage would cost about $ 666 per month in principal and interest per $ 100,000. You would pay approximately $ 19,937 in total interest over the life of the loan.
Giant mortgage rates
On a 30-year jumbo, the average interest rate stands at 3.16%, lower than it was around the same time last week. The average rate was 3.17% at the same date last week. 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 3.16% will pay $ 430 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 $ 3,227, and you would pay approximately $ 411,762 in total interest over the life of the loan.
Variable rate mortgage rates 5/1
The average interest rate on a 5/1 ARM stands at 2.74%, higher than the 52 week low of 2.83%. Last week, the average rate was 2.76%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay $ 408 per month in principal and interest.
How to calculate 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.
To calculate your monthly mortgage payment, here’s what you’ll need:
- House price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and any 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 basic factors that go into what you can afford:
- Debt-to-income ratio, or DTI
- Advance payment
- Credit score
What is the APR?
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 on the loan and its finance charges.
The APR is important because it can help you understand the total cost of your mortgage if you decide to keep it for the duration.