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The average rate on a 30-year fixed mortgage is 6.46% with an APR of 6.48%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 5.66% with an APR of 5.68%. On a 30-year jumbo mortgage, the average rate is 6.51% with an APR of 6.52%. The average rate on a 5/1 ARM is 5.40% with an APR of 7.38%.
Related: Compare Current Mortgage Rates
Mortgage Rates for January 25, 2023
30-Year Fixed Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.46%, which is 0.10% lower than last week. In a 52-week span, the highest rate was 7.01%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.48%. The APR was 6.57% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.46% on a $100,000 loan will cost $629 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $126,598.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 5.66%. This same time last week, the 15-year fixed-rate mortgage was at 5.80%. Today’s rate is higher than the 52-week low of 5.63%.
On a 15-year fixed, the APR is 5.68%. Last week it was 5.82%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.66% will cost $826 per month in principal and interest. Over the life of the loan, you would pay $48,608 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.51%— 0.07% down from last week. The 30-year jumbo mortgage rate had a 52-week high of 7.00%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.51% will cost you $633 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,750.
5/1 ARM Rates
On a 5/1 ARM, the average rate stayed at 5.40%. The average rate was 5.44% last week. Today’s rate is currently lower than the 52-week high of 5.60%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.40% will pay $562 per month in principal and interest.
How to Calculate Mortgage Payments
One of the first steps in buying a house is budgeting. To get a rough idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.
Just input the following data to get an idea of how much a house will cost:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
What’s an APR, and Why Is It Important?
The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.
Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.
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