April 13, 2022 – Mortgage Rates Rise – Forbes Advisor

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For anyone in the market looking to buy or refinance a home, now is a good time to lock in a low rate. Mortgage rates rose today, but overall rates are at historic lows.

The average rate for a 30-year fixed mortgage is 5.20%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.34%. The average rate on a 30-year jumbo mortgage is 5.10% and the average rate on a 5/1 ARM is 3.52%.

Related: Compare current mortgage rates

30-year mortgage rates

The average 30-year benchmark fixed rate mortgage rate has risen to 5.20%. This time last week, the 30-year fixed rate was 4.88%. The 52 week low is 3.00%.

On a 30-year fixed mortgage, the APR is 5.22%, higher 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.

According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $549 per month in principal and interest (taxes and fees not included) at the current interest rate of 5. 20%. The total interest paid over the term of the loan will be approximately $97,680.

15-year mortgage rates

The average interest rate on the 15-year fixed mortgage is 4.34%. At this time last week, the 15-year fixed rate mortgage was at 4.10%. Today’s rate is above the 52-week low of 2.28%.

On a 15-year fixed term, the APR is 4.37%. Last week it was 4.13%.

A $100,000 15-year fixed rate mortgage with a current interest rate of 4.34% will cost $757 per month in principal and interest. Over the term of the loan, you will pay $36,231 in total interest.

Giant Mortgage Rates

The average interest rate on the 30-year fixed rate jumbo mortgage is 5.10%. Last week, the average rate was 4.83%. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 3.03%.

Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 5.10% will pay $543 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 $4,072, and you would pay approximately $715,964 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Rates

On an ARM 5/1, the average rate rose to 3.52% from 3.47% yesterday. The average rate was 3.38% last week. Today’s rate is currently above the 52-week high of 3.48%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.52% will pay $450 a month in principal and interest.

Calculate your mortgage payment

For a large portion 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.

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:

  • Interest rate
  • Deposit amount
  • house price
  • term of the loan
  • Taxes
  • Assurance
  • HOA fees

Determine how much house you can afford

How much home you can afford depends on more than just your income and debts.

Here are some basic factors that go into what you can afford:

  • Revenue
  • Debt
  • Debt-to-income ratio, or DTI
  • Deposit
  • Credit score

How do I get pre-approved for a mortgage loan?

A mortgage pre-approval is a lender’s offer to lend you money based on your financial situation and specific terms.

You can start the pre-approval process by gathering the documents your lender will need, including:

  • social security card
  • Recent W-2 forms
  • payslips
  • Bank statements
  • tax returns

The lender you select will then guide you through the pre-approval process.

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