Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
30-year fixed mortgage rates rose today.
The average rate for a 30-year fixed mortgage is 6.04%, according to Bankrate.com, while the average rate for a 15-year mortgage is 5.26%. On a 30-year jumbo mortgage, the average rate is 5.91% and the average rate on a 5/1 ARM is 4.10%.
Related: Compare current mortgage rates
30-year mortgage rates
The average rate on the benchmark 30-year fixed rate mortgage rose slightly to 6.04% from 6.02% yesterday. Last week, the 30-year fixed was 5.97%. Today’s rate is below the 52-week high of 6.10%.
The APR on a fixed 30 year is 6.05%. This time last week it was 5.98%. The APR is the overall cost of your loan.
At an interest rate of 6.04%, a 30-year fixed mortgage would cost $602 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $116,765 in total interest over the life of the loan.
15-year mortgage interest rate
Today, the 15-year fixed mortgage rate is at 5.26%, which is lower than it was yesterday. Last week it was 5.06%. Today’s rate is above the 52-week low of 2.28%.
The APR on a 15-year fixed is 5.28%. This time last week it was 5.09%.
A $100,000 15-year fixed rate mortgage with a current interest rate of 5.26% will cost $804 per month in principal and interest. Over the term of the loan, you will pay $44,793 in total interest.
Giant Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.91%, lower than this time last week. The average rate was 5.88% 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 5.91% will pay $594 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 $4,453, and you would pay approximately $853,197 in total interest over the life of the loan.
5/1 ARM interest rate
The average interest rate on a 5/1 ARM sits at 4.10%, above the 52-week low of 2.82%. Last week, the average rate was 3.95%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 4.10% will pay $483 per 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.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price and down payment.
Here’s what you’ll need to calculate your monthly mortgage payment:
- house price
- Deposit amount
- Interest rate
- term of the loan
- 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.
What is an APR and why is it important?
The annual percentage rate, or APR, takes into account interest, fees and time. This is the total cost of your loan and includes both the interest rate of the loan and its finance charges.
The APR can help you understand the total cost of a mortgage if you keep it for the full term. Keep in mind that the APR is often higher than the interest rate.