December 7, 2021 – Mortgage rates remain stable – Forbes Advisor
Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.
For anyone in the market to buy or refinance a home, now is a good time to lock in a low rate. Mortgage rates are unchanged today, keeping rates at historically low levels.
Today, the average rate for a 30-year fixed mortgage is 3.21%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.53%. On a 30 year jumbo mortgage, the average rate is 3.17% and the average rate on a 5/1 ARM is 2.74%.
Related: Compare current mortgage rates
30-year fixed rate mortgage rates
Today, the average 30-year benchmark fixed mortgage rate has remained at 3.21%. A week ago, the 30-year fixed rate was 3.27%. The 52 week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.33%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the carrying charges on a loan. This is the overall cost of your loan.
At the current interest rate of 3.21%, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 433 per month in principal and interest (taxes and fees not included), the calculator says. Forbes Mortgage Advisor. In total interest, you would pay $ 55,885 over the life of the loan.
15-year fixed mortgage rates
Today, the 15-year fixed mortgage rate is 2.53%, higher than it was a day ago. Last week it was 2.56%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed rate is 2.73%. This time last week it was 2.75%.
With an interest rate of 2.53%, you would pay $ 668 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 20,276 in total interest.
Giant mortgage rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 3.17%. Last week, the average rate was 3.22%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.
Borrowers with a 30-year fixed rate jumbo mortgage with a current interest rate of 3.17% will pay 431 per month in principal and interest in every $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately 3,231, and you would pay approximately $ 413,235 in total interest over the life of the loan.
5/1 ARM interest rate
On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.74% last week. Today’s rate is currently below the 52-week high of 3.43%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 per month in principal and interest.
Calculation of mortgage payments
For much 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 for.
To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price, and other factors.
To calculate your monthly mortgage payment, here’s what you’ll need:
- House price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and any HOA fees
Save for a house
You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.
Here are six things you can do to save money for a home:
- Advance payment
- Inspection and assessment
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
What is the APR?
The APR, or annual percentage rate, is the overall cost of your loan. It includes interest and finance charges on your loan, accounting for interest, fees, and time.
Since the APR includes both the interest rate and certain fees associated with a home loan, the APR can help you understand the full cost of a mortgage if you keep it for the duration of the loan. The APR will generally be higher than the interest rate, but there are exceptions.