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Today, the average rate on a 30-year fixed mortgage is 7.01%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.27%. The average rate on a 30-year jumbo mortgage is 7.03%, and the average rate on a 5/1 ARM is 5.63%.
Related: Compare Current Mortgage Rates
Mortgage Rates for February 24, 2023
30-Year Fixed Mortgage Interest Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 7.01%, compared to last week when it was 6.88%. Over the last 52 weeks, the highest rate was 7.04%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.02%. The APR was 6.90% last week. APR is the all-in cost of your loan.
With today’s interest rate of 7.01%, a 30-year fixed mortgage of $100,000 costs approximately $666 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $139,751 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate is 6.27%, higher than it was at this time yesterday. Last week, it was 6.16%. .
On a 15-year fixed, the APR is 6.30%. Last week it was 6.19%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.27% will cost $859 per month in principal and interest. Over the life of the loan, you would pay $54,532 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 7.03%, higher than it was at this time last week. The average rate was 6.90% at this time last week.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.03% will pay $667 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 $5,010, and you’d pay roughly $1,051,760 in total interest over the life of the loan.
5/1 ARM Interest Rates
The current average interest rate on a 5/1 ARM is 5.63%.
If you lock in today’s 5/1 ARM interest rate of 5.63% on a $100,000 loan, your monthly payments (including principal and interest) will be $576.
How to Calculate Mortgage Payments
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can truly afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need in order to calculate your monthly mortgage payment:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees