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The average 30-year fixed mortgage rate rose 0.02 percentage points last week to 7.26%.
Meanwhile, the average 15-year fixed mortgage interest rate rose 0.02 percentage points to 6.49% over the same period.
If you’re an existing homeowner, compare current mortgage rates refinancing rate today.
Mortgage Rates on 24 October 2022
30 year fixed mortgage rate
Borrowers paid an average interest rate of 7.26% on a 30-year fixed-rate mortgage. This is up from 7.24% the week before.
Currently, the average annual rate (April) for a 30-year fixed-rate mortgage is 7.27%. This is higher than last week when his APR was 7.26%. APR includes both mortgage interest and lender fees to help you get a more complete picture of your loan costs.
To get an idea of how much you’ll pay, the cost of a $100,000 home loan with a 30-year fixed rate loan at a current average interest rate of 7.26% includes principal and interest (excluding taxes and fees). equates to approximately $683 each.Moon, Forbes Advisor mortgage calculator indicate. This is approximately $145,828 in total interest over the life of the loan.
15 year mortgage rate
The 15-year fixed mortgage rate is currently at 6.49%, lower than it was a day ago. Last week it was 6.47%. Interest rates today are above their 52-week low of 4.92%.
The 15-year fixed APR is 6.53%. This time last week it was 6.51%.
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 current average interest rate for 30-year fixed-rate jumbo mortgages is 7.28%, up 0.01% from last week. 30-year jumbo mortgage rates fell to a 52-week low of 5.46% and a 52-week high of 7.43%.
A 30-year jumbo mortgage at the current fixed rate of 7.28% would cost you $684 per month on principal and interest per $100,000. A $750,000 jumbo mortgage would have monthly principal and interest payments of approximately $5,137.
5/1 Variable rate mortgage interest rates
The average interest rate is now 5/1 arm was 5.46%, up from a 52-week low of 4.21%. Last week’s average rate was 5.38%.
A borrower with a 5/1 ARM of $100,000 and an interest rate of 5.46% today would spend $565 a month on principal and interest.
Where Will Mortgage Rates Head This Year?
Mortgage rates have surged this year, rising from 3.22% in early January to 7.26% 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
A mortgage calculator can help you estimate your mortgage costs.
Simply enter the following information:
- housing prices
- down payment amount
- interest rate
- Lending period
- Taxes, Insurance and HOA Fees