Current Mortgage Rates: Oct 26, 2022 — Rates Rising

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The average interest rate for a 30-year fixed mortgage is now 7.22%, compared to 7.20% a week ago.

For borrowers looking to pay off their mortgage faster, the average 15-year fixed mortgage rate is 6.49%, up 0.09 percentage points from the previous week.

If you’re looking to refinance to lock in at a lower interest rate, compare it to your current mortgage rate. current market rate See if it’s worth the cost of refinancing.

Related: Compare current mortgage interest rates

Mortgage Rates on 26 October 2022

30 year fixed rate mortgage

The average interest rate for a 30-year fixed rate mortgage is 7.22%, up from 7.20% last week. The lowest over the last 52 weeks was 5.50% and the highest was 7.38% for the same period.

annual rate (April), which includes interest and all lender fees, or 7.23% for a 30-year fixed-rate mortgage. His APR last week he was 7.21%.

If your mortgage is $100,000 and you have a 30 year fixed rate mortgage with a current interest rate of 7.22%, you will be paying about $680 each month in principal plus interest (not including taxes and fees). mortgage calculator indicate. This is approximately $144,851 in total interest over the life of the loan.

15 year fixed mortgage rate

The average interest rate for a 15-year fixed mortgage is 6.49%. At the same time last week, 15 year fixed rate mortgages were at 6.40%. Interest rates today are above their 52-week low of 4.94%.

At the 15-year fixed, the APR is 6.52%. Last week it was 6.44%.

At the current rate of 6.49%, a 15-year fixed rate mortgage on principal and interest per $100,000 would cost about $871 per month. You will pay interest totaling approximately $56,700 over the life of the loan.

jumbo mortgage interest rates

The average 30-year jumbo rate is 7.24%, higher than at this time last week. At this point last week, the average rate was 7.21%. His 30-year fixed rate on the jumbo mortgage is now above its 52-week low of 5.51%.

A borrower on a 30-year fixed-rate jumbo mortgage with a current rate of 7.24% would pay $682 monthly principal plus interest per $100,000. This means that a $750,000 loan will have monthly principal and interest payments of approximately $5,116 and total interest paid over the life of the loan of approximately $1,090,045.

5/1 Variable rate mortgage interest rates

today’s average interest rate 5/1 arm was 5.51%, up 0.06% from a week ago. Over the last 52 weeks, the lowest 5/1 ARM rate was 4.24% and the highest was 5.51%.

A borrower with a current interest rate of 5.51% would spend $568 a month on principal and interest on a $100,000 loan.

Where Will Mortgage Rates Head This Year?

Mortgage rates have surged this year, rising from 3.22% in early January to 7.22% this week for the most popular 30-year fixed-rate mortgage. What happens next is anyone’s guess. Forbes Advisor Survey of Experts We expect the year-end average to be closer to 5% to 7%. If you are considering a home loan, Talk to multiple lenders We lock in our rates as soon as we have a competitive offer.

How to Calculate Your Mortgage Payment

Before looking for a home, you should know your budget. This will give you an idea of ​​the types of homes you can afford. Start by using our mortgage calculator to get a rough estimate.

Simply enter the following information:

  • housing prices
  • down payment amount
  • interest rate
  • Lending period
  • Taxes, Insurance and HOA Fees

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