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The average rate on a 30-year fixed mortgage is 6.37% with an APR of 6.38%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 5.67% with an APR of 5.69%. On a 30-year jumbo mortgage, the average rate is 6.37% with an APR of 6.38%. The average rate on a 5/1 ARM is 5.37% with an APR of 7.38%.
Related: Compare Current Mortgage Rates
Mortgage Rates for February 2, 2023
30-Year Fixed Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 6.37%, compared to last week when it was 6.48%. Over the last 52 weeks, the highest rate was 6.92%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.38%. The APR was 6.49% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.37%, a 30-year fixed mortgage of $100,000 costs approximately $624 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $124,475 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
Today’s 15-year, fixed-rate mortgage is 5.67%, up 0.05% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.62%.
The APR on a 15-year fixed is 5.69%. It was 5.65% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.67% will cost $826 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $48,704 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.37%— 0.15% down from last week. The 30-year jumbo mortgage rate had a 52-week high of 6.94%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.37% will cost you $624 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,681.
5/1 ARM Rates
The current average interest rate on a 5/1 ARM is 5.37%. The 52-week high was 5.51%.
If you lock in today’s 5/1 ARM interest rate of 5.37% on a $100,000 loan, your monthly payments (including principal and interest) will be $560.
How Much House Can I Afford?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
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