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August 4, 2022 — Mortgage Rates Rising Trend – Forbes Advisor

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Today, the average rate for a 30-year fixed mortgage is 5.54%, according to Bankrate.com, while the average rate for a 15-year mortgage is 4.80%. On a 30-year jumbo mortgage, the average rate is 5.54% and the average rate on a 5/1 ARM is 4.16%.

Mortgage rates have fallen since last week, but are higher than they were yesterday.

Related: Compare current mortgage rates

30-Year Fixed-Rate Mortgage Rates

The average rate has increased on a 30-year fixed mortgage from 5.48% a day ago to 5.54%. Today’s rate is below the 52-week high of 6.11%.

On a 30-year fixed mortgage, the APR is 5.55%, lower than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.

At an interest rate of 5.54%, a 30-year fixed mortgage would cost $563 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be approximately $46,407.

15-year fixed mortgage rates

Today, the 15-year fixed mortgage rate is at 4.80%, higher than it was a day ago. Last week it was 4.89%. Today’s rate is above the 52-week low of 4.60%.

The APR on a 15-year fixed is 4.82%. This time last week it was 4.91%.

With an interest rate of 4.80%, you would pay $520 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $39,824 in total interest.

Giant Mortgage Rates

On a 30-year jumbo, the average interest rate stands at 5.54%, lower than it was at this time last week. The average rate was 5.56% at the same time last week. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 6.11%.

Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.54% will pay $562 per month in principal and interest per $100,000.

ARM 5/1 tariffs

On a 5/1 ARM, the average rate remained at 4.16%. The average rate was 4.23% last week. Today’s rate is currently below the 52-week high of 4.32%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 4.16% will pay $487 per month in principal and interest.

How to calculate mortgage payments

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it’s within your budget.

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.

Gather these data points to calculate your monthly mortgage payment:

  • The price of the house
  • The amount of your deposit
  • The interest rate
  • The term of the loan
  • All 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 APR, or annual percentage rate, is the overall cost of your loan. It includes interest and finance charges for your loan, taking into account interest, fees and time.

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.