Current Nationwide Mortgage Rates: Oct 24, 2022 — Rates Rising Again

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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.

Related: Compare current mortgage interest rates

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

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