January 13, 2022 – Rate cooling – Forbes Advisor

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The rate on a 30-year fixed mortgage has come down today, giving buyers and homeowners interested in refinancing a chance to lock in a historically low rate.

Today, the average rate for a 30-year fixed mortgage is 3.52%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.84%. On a 30-year jumbo mortgage, the average rate is 3.51% and the average rate on a 5/1 ARM is 2.74%.

Related: Compare current mortgage rates

30-year fixed rate mortgage rates

The average rate fell on a 30-year fixed mortgage, slipping to 3.52% from 3.54% yesterday. The 52 week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.60%, higher than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the carrying charges on a loan. This is the overall cost of your loan.

At the current interest rate of 3.52%, borrowers with a fixed rate mortgage of $ 100,000 over 30 years will pay 450 per month in principal and interest (taxes and fees not included), says mortgage calculator Forbes Advisor. The total interest paid over the term of the loan will be approximately $ 62,058.

15-year mortgage rates

The average interest rate on the 15-year fixed mortgage is 2.84%. At the same time last week, the 15-year fixed rate mortgage was at 2.73%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed rate is 3.01%. This time last week it was 2.92%.

With an interest rate of 2.84%, you would pay 683 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 22,924 in total interest.

Giant mortgage rates

On a 30-year jumbo, the average interest rate is 3.51%, higher than it was on this date last week. The average rate was 3.45% at the same date last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30 year fixed rate jumbo mortgage with a current interest rate of 3.51% will pay 450 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,372, and you would pay approximately $ 463,928 in total interest over the life of the loan.

Variable rate mortgage rates 5/1

On a 5/1 ARM, the average rate rose to 2.74% against 2.73% yesterday. The average rate was 2.73% last week. Today’s rate is currently below the 52-week high of 3.43%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 per month in principal and interest.

How to calculate mortgage payments

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

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.

Here’s what you’ll need to calculate your monthly mortgage payment:

  • The price of the house
  • The amount of your deposit
  • The interest rate
  • The term of the loan
  • All taxes, insurance and all HOA fees

What you can afford to buy

How much home you can afford depends on a number of factors including your income and your debt load.

Here are some basic factors that go into what you can afford:

  • Income
  • Debt
  • Debt-to-income ratio, or DTI
  • Deposit
  • Credit score

How do I get pre-approved for a mortgage?

Pre-approval of a mortgage is a lender’s offer to lend you money based on your financial situation and specific conditions.

You can start the pre-approval process by gathering the documents your lender will need, including:

  • Social security card
  • Recent W-2 forms
  • Payslips
  • Bank statements
  • Income tax returns

The lender you select will then walk you through the pre-approval process.

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