May 2, 2022—Rates Falling – Forbes Advisor

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30-year fixed mortgage rates fell today.

The average rate for a 30-year fixed mortgage is 5.49%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.73%. The average rate on a 30-year jumbo mortgage is 5.39% and the average rate on a 5/1 ARM is 3.67%.

Related: Compare current mortgage rates

30-year mortgage rates

The average rate fell on a 30-year fixed mortgage, slipping to 5.49% from 5.50% yesterday. Today’s rate is below the 52-week high of 5.50%.

The 30-year fixed mortgage APR is 5.51%. At the same time last week, it was 5.51%. Here’s why APR is important.

At the current interest rate of 5.49%, borrowers with a $100,000 30-year fixed rate mortgage will pay $567 per month in principal and interest (taxes and fees not included), according to the Forbes Mortgage Calculator Advisor. In total interest, you would pay $104,178 over the life of the loan.

15-year mortgage rates

The average interest rate on the 15-year fixed mortgage is 4.73%. At this time last week, the 15-year fixed rate mortgage was at 4.70%. Today’s rate is above the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.77%. This time last week it was 4.74%.

A $100,000 15-year fixed rate mortgage with a current interest rate of 4.73% will cost $777 per month in principal and interest. Over the term of the loan, you will pay $39,824 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.39%, lower than it was on the same date last week. The average rate was 5.39% 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 5.39% will pay $561 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 $4,207, and you would pay approximately $764,448 in total interest over the life of the loan.

5/1 ARM interest rate

On a 5/1 ARM, the average rate remained at 3.67%. The average rate was 3.66% last week. Today’s rate is currently above the 52-week high of 3.63%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.67% will pay $459 a month in principal and interest.

Calculation of 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.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

Here’s what you’ll need to calculate your monthly mortgage payment:

  • Interest rate
  • Deposit amount
  • house price
  • term of the loan
  • Taxes
  • Assurance
  • 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.

Get pre-approved for a mortgage

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
  • payslips
  • Bank statements
  • tax returns

The lender you select will then guide you through the pre-approval process.

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