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Today, the average rate on a 30-year fixed mortgage is 6.91%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.22%. The average rate on a 30-year jumbo mortgage is 6.92%, and the average rate on a 5/1 ARM is 5.46%.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 21, 2022
30-Year Fixed Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.91%, the same as last week. In a 52-week span, the lowest rate was 6.13% while the highest was 7.41%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.92%.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.91% on a $100,000 loan will cost $659 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 $137,337.
15-Year Mortgage Rates
Today, the 15-year fixed mortgage rate is 6.22%, lower than it was at this time yesterday. Last week, it was 6.23%. Today’s rate is higher than the 52-week low of 5.34%.
The APR on a 15-year fixed is 6.25%. It was 6.26% this time last week.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.22% will cost $856 per month in principal and interest. Over the life of the loan, you would pay $54,042 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 6.92%, higher than it was at this time last week. The average rate was 6.87% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.13%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.92% will pay $660 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 $4,955, and you’d pay approximately $1,031,834 in total interest over the life of the loan.
5/1 ARM Rates
The average interest rate on a 5/1 ARM is 5.46%, higher than the 52-week low of 4.60%. Last week, the average rate was 5.60%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.46% will pay $565 per month in principal and interest.
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:
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.