September 6, 2022 – Mortgage Rates Rise Slightly – Forbes Advisor

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Today’s average rate on a 30-year fixed mortgage is 6.07%, up 0.09% from the previous week.

Borrowers may be able to save on interest charges by switching to a 15-year fixed rate mortgage, as they often have a lower rate than a 30-year fixed rate mortgage. The average rate for a 15-year fixed mortgage is 5.23%. However, you will have higher monthly payments since you pay off your mortgage in 15 years instead of 30.

If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.

Related: Compare current mortgage rates

30-year fixed mortgage rates

Today’s 30-year fixed rate mortgage, the most popular mortgage product, is 6.07%, up 0.09% from the previous week. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 6.14%.

The interest rate is just one of the fees included in your mortgage. You will also pay lender fees, which differ from lender to lender. Interest rates and lender fees are factored into the annual percentage rate, or APR. This week, the APR on a 30-year fixed rate mortgage is 6.08%. Last week, the APR was 5.99%.

Let’s say your home loan is $100,000 and you have a 30 year fixed rate mortgage with the current rate of 6.07%, your monthly payment will be approximately $604 including principal and interest (taxes and fees not included), the Forbes mortgage calculator shows. This represents approximately $117,461 in total interest over the life of the loan.

15-year fixed mortgage rates

The average interest rate on the 15-year fixed mortgage is 5.23%. At this time last week, the 15-year fixed rate mortgage was at 5.19%. Today’s rate is above the 52-week low of 4.62%.

On a 15-year fixed term, the APR is 5.26%. Last week it was 5.22%.

With an interest rate of 5.23%, you would pay $803 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $44,509 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate is 6.08%, higher than it was on the same date last week. The average rate was 5.98% at the same time last week. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 5.19%.

Borrowers with a giant 30-year fixed rate mortgage with a current interest rate of 6.08% will pay $605 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 $4,540, and you would pay approximately $882,700 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Rates

Currently, the average interest rate on a 5/1 ARM is 4.53%, up from a 52-week low of 4.11%. Last week, the average rate was 4.42%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 4.53% will spend $508 per month in principal and interest.

Where are mortgage rates going this year?

Mortgage rates have jumped this year, and many experts expect rates to rise further. Forecasts range from around 5.5% by the end of 2022 to 7%. As always, it pays to shop around and be prepared to lock in a rate if you find one that looks competitive.

How to calculate mortgage payments

One of the first steps in buying a home is setting a budget. To get a rough idea of ​​the cost of owning a home, start by using a mortgage calculator to work out the numbers.

Simply enter the following data to get an idea of ​​the cost of a house:

  • house price
  • Deposit amount
  • Interest rate
  • term of the loan
  • Taxes, insurance and all HOA fees

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