April 8, 2022 – Mortgage Rates Rise Slightly – Forbes Advisor
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The rate for a 30-year fixed mortgage increased slightly today. Yet rates are still historically low overall.
Today, the average rate for a 30-year fixed mortgage is 5.09%, according to Bankrate.com, while the average rate for a 15-year mortgage is 4.21%. On a 30-year jumbo mortgage, the average rate is 5.03% and the average rate on a 5/1 ARM is 3.43%.
Related: Compare current mortgage rates
30-year fixed mortgage rates
The average rate increased on a 30-year fixed mortgage from 4.88% to 5.09% a day ago. The 52-week high is 5.09%.
On a 30-year fixed mortgage, the APR is 5.10%, higher than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.
According to the Forbes Advisor Mortgage Calculator, borrowers with a $100,000 30-year fixed rate mortgage will pay $542 per month in principal and interest (taxes and fees not included) at the current interest rate of 5.09% . In total interest, you would pay $95,241 over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate is at 4.21%, higher than it was a day ago. Last week it was 4.12%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 4.25%. This time last week it was 4.15%.
With an interest rate of 4.21%, you would pay 750 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $35,046 in total interest.
Giant Mortgage Rates
On a 30-year jumbo, the average interest rate is 5.03%, higher than it was on the same date last week. The average rate was 4.91% at the same time last week. 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 5.03% will pay $539 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 $4,040, and you would pay approximately $704,373 in total interest over the life of the loan.
5/1 ARM interest rate
On an ARM 5/1, the average rate rose slightly to 3.43% from 3.38% yesterday. The average rate was 3.34% last week. Today’s rate is currently a 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.43% will pay $445 a month in principal and interest.
How to calculate mortgage payments
For a large portion 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.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need to calculate your monthly mortgage payment:
- The price of the house
- The amount of your deposit
- The interest rate
- The term of the loan
- All taxes, insurance and all HOA fees
What you can afford depends on a number of factors, including your income, debt, debt-to-equity ratio, down payment, and credit score.
You should also factor in closing costs, property taxes, insurance costs, and ongoing maintenance costs.
The type of loan you choose can also affect how much home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best suited for your particular situation.
Why should I get pre-approved for a mortgage loan?
A mortgage pre-approval is a lender’s offer to lend you money based on your financial situation and specific terms.
You can start the pre-approval process by gathering the documents your lender will need, including:
- social security card
- Recent W-2 forms
- Bank statements
- tax returns
The lender you select will then guide you through the pre-approval process.