August 12, 2022 – Mortgage rates are on the rise – Forbes Advisor

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Today, the average rate for a 30-year fixed mortgage is 5.56%, according to Bankrate.com. For a fixed mortgage for 15 years, the average rate is 4.96%. The average rate for a 30-year mortgage is 5.57%, and the average rate for a 5/1 ARM is 4.22%.

related: Compare current mortgage rates

30-year mortgage rates

Borrowers paid an average rate of 5.56% on a 30-year fixed-rate mortgage. This was up from the previous week’s figure of 5.43%.

Currently, the average annual percentage rate (APR) for a 30-year fixed-rate mortgage is 5.57%. This is higher than last week when the APR was 5.44%. The APR includes both mortgage interest and lender fees to help get a more complete picture of the cost of the loan.

To give you an idea of ​​how much you’ll pay: A $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 5.56% will cost you about $570, including principal and interest (taxes and fees not included are taken into account) every month, according to the Forbes Advisor mortgage calculator.

Mortgage rates for 15 years

Today, the 15-year fixed mortgage rate is 4.96%, which is higher than it was yesterday. Last week it was 4.76%. Today’s rate is higher than the 52-week low of 4.60%.

For a 15-year fixed annual interest rate is 4.99%. Last week it was 4.78%.

With an interest rate of 4.96%, you would pay $789 per month in principal and interest for every $100,000 borrowed.

High mortgage rates

On 30-year equity, the average interest rate is 5.57%, which is higher than last week. At this time last week, the average rate was 5.41%. The 30-year fixed prime mortgage rate is currently above a 52-week low of 6.11%.

Borrowers with a 30-year fixed-rate mortgage at today’s 5.57% interest rate would pay $572 a month in principal and interest for every $100,000 owed.

5/1 Mortgage rates with a variable rate

On the 5/1 ARM, the average rate rose to 4.22% from 4.21% yesterday. The average rate last week was 4.19%. Today’s rate is below the 52-week high of 4.32%.

Borrowers with a $100,000 5/1 ARM at today’s interest rate of 4.22% would pay about $490 a month in principal and interest.

Calculate your mortgage payment

Mortgages and mortgage lenders are often a necessary part of buying a home, but it can be difficult to understand what you’re paying for — and what you can actually afford.

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

Gather these data to calculate your monthly mortgage payment:

  • The price of the house
  • The amount of your down payment
  • Interest rate
  • Loan term
  • Any taxes, insurance and any 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 factor in closing costs, property taxes, insurance costs, and ongoing maintenance costs.

The type of loan you choose can also affect how much housing you can afford. When shopping for a loan, consider which 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 a calculation that includes both the loan’s interest rate and the loan’s finance charges, expressed as annual costs over the life of the loan. In other words, it is the total cost of the loan. APR takes into account interest, fees and time.

The APR can help you understand the total cost of the mortgage if you keep it for the entire term. Keep in mind that the APR is often higher than the interest rate.

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