Today, the average rate for the benchmark 30-year fixed mortgage rose to 5.62% from 5.57% yesterday. At this time last week, the 30-year fixed was 5.48%. Today’s rate is lower than the 52-week high of 5.64%.
On a 30-year fixed mortgage, the APR is 5.63%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $575 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.62%. In total interest, you’d pay $107,123 over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage is 4.74%. This same time last week, the 15-year fixed-rate mortgage was at 4.67%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 4.76%. Last week it was 4.69%.
With an interest rate of 4.74%, you would pay$ $777 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $39,917 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.57%, higher than it was at this time last week. The average rate was 5.45% at this time last week. 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 5.57% will pay $572 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 $4,291, and you’d pay approximately $794,909 in total interest over the life of the loan.
5/1 ARM Rates
On a 5/1 ARM, the average rate increased to 3.94% from 3.91% yesterday. The average rate was 3.91% last week. Today’s rate is currently the 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.94% will pay $474 per month in principal and interest.
What’s an APR and Why Is It Important?
APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts 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.
Mortgage Interest Rates Today: June 10, 2022—Rates Trend Higher
30-Year Fixed-Rate Mortgage Rates
Today, the average rate for the benchmark 30-year fixed mortgage rose to 5.62% from 5.57% yesterday. At this time last week, the 30-year fixed was 5.48%. Today’s rate is lower than the 52-week high of 5.64%.
On a 30-year fixed mortgage, the APR is 5.63%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $575 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.62%. In total interest, you’d pay $107,123 over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage is 4.74%. This same time last week, the 15-year fixed-rate mortgage was at 4.67%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 4.76%. Last week it was 4.69%.
With an interest rate of 4.74%, you would pay$ $777 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $39,917 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.57%, higher than it was at this time last week. The average rate was 5.45% at this time last week. 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 5.57% will pay $572 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 $4,291, and you’d pay approximately $794,909 in total interest over the life of the loan.
5/1 ARM Rates
On a 5/1 ARM, the average rate increased to 3.94% from 3.91% yesterday. The average rate was 3.91% last week. Today’s rate is currently the 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.94% will pay $474 per month in principal and interest.
What’s an APR and Why Is It Important?
APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts 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.
Source: Forbes Advisor
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