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Today’s average rate on a 30-year fixed mortgage is 6.61%, down 0.19% from the previous week.
Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they generally have a lower rate than that of a 30-year, fixed-rate home loan. The average rate on a 15-year fixed mortgage is 5.77%. But keep in mind that you’ll have higher monthly payments since you’re paying off your loan in half the time (15 years versus 30 years).
If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for December 20, 2022
30-Year Fixed Mortgage Interest Rates
Today’s 30-year-fixed rate mortgage—the most popular mortgage product—is 6.61%, down 0.19% from a week earlier. Over the past 52 weeks, the lowest rate was 6.57% and the highest was 7.41%.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 6.63%. Last week, the APR was 6.81%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.61%, your monthly payment will be about $639, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $130,155 in total interest over the life of the loan.
15-Year Fixed Mortgage Rates
The average interest rate on the 15-year fixed mortgage sits at 5.77%. This same time last week, the 15-year fixed-rate mortgage was at 6.06%. Today’s rate is the new 52-week low.
On a 15-year fixed, the APR is 5.82%. Last week it was 6.09%.
At today’s interest rate of 5.77%, a 15-year fixed-rate mortgage would cost approximately $831 per month in principal and interest per $100,000. You would pay around $49,667 in total interest over the life of the loan.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.65%. Last week, the average rate was 6.85%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.58%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.65% will pay $642 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,825, and you’d pay approximately $983,305 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.45%, . In the past 52 weeks, the lowest 5/1 ARM rate was 5.34% and the high was 5.60%.
Borrowers with the current rate of 5.45% will spend $565 on principal and interest per month on a $100,000 loan.
Where Are Mortgage Rates Headed This Year?
During the first part of 2022, rates for home loans rocketed and currently sit at about 6.61% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to climb—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.
How to Calculate Mortgage Payments
Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. A good place to start is by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
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