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June 15, 2022—Mortgage Rates Jump Up – Forbes Advisor

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30-year fixed mortgage rates rose today.

The average rate on a 30-year fixed mortgage is 6.10%, according to On a 15-year fixed mortgage, the average rate is 5.24%. The average rate on a 30-year jumbo mortgage is 5.96%, and the average rate on a 5/1 ARM is 4.02%.

Related: Compare Current Mortgage Rates

30-Year Fixed Mortgage Rates

The average rate rose on a 30-year fixed mortgage, inching up to 6.10% from 5.97% one day ago. The 52-week high is 6.10%.

The APR on a 30-year fixed is 6.11%. This time last week, it was 5.58%. APR is the all-in cost of your loan.

At today’s interest rate of 6.10%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $606 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $118,158 over the life of the loan.

15-Year Fixed Mortgage Rates

Today, the 15-year fixed mortgage rate sits at 5.24%, higher than it was one day ago. Last week, it was 4.79%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 5.27%. Last week it was 4.81%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.24% will cost $803 per month in principal and interest. Over the life of the loan, you would pay $44,603 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 5.96%. Last week, the average rate was 5.53%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.96% will pay $597 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 $4,477, and you’d pay approximately $861,849 in total interest over the life of the loan.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate inched up to 4.02% from 3.95% yesterday. The average rate was 3.91% last week. Today’s rate is currently lower than the 52-week high of 4.04%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.02% will pay $479 per month in principal and interest.

Calculate Your Mortgage Payment

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be challenging to figure out how much you can afford and what you’re paying for.

You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.

To calculate your monthly mortgage payment, here’s what you’ll need:

  • interest rate
  • Down payment amount
  • home price
  • loan terms
  • tax
  • Insurance
  • HOA fees

What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

Why APR Is Important

The APR, or annual percentage rate, is the all-in cost of your loan. It includes your loan’s interest and finance charges, accounting for interest, fees and time.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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