December 13, 2021 – Mortgage rates remain unchanged – Forbes Advisor


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For anyone in the market to buy or refinance a home, now is a good time to lock in a low rate. Mortgage rates are unchanged today, keeping rates at historically low levels.

To date, the average rate on a 30-year fixed mortgage is 3.28% with an APR of 3.40%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.55% with an APR of 2.75%. On a 30-year jumbo mortgage, the average rate is 3.25% with an APR of 3.35%. The average rate on a 5/1 MRA is 2.74% with an APR of 4.07%.

Related: Compare current mortgage rates

30-year fixed rate mortgage rates

The average 30-year fixed-rate benchmark mortgage rate remained at 3.28%. A week ago, the 30-year fixed rate was 3.21%. Today’s rate is below the 52-week high of 3.37%.

The APR on a 30-year fixed rate is 3.40%. This time last week it was 3.33%. The APR is the overall cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a fixed rate mortgage of $ 100,000 over 30 years will pay 437 per month in principal and interest (taxes and fees not included) at the current interest rate of 3.28% . You would pay around $ 57,268 in total interest over the life of the loan.

15-year mortgage rates

The average interest rate on the 15-year fixed mortgage is 2.55%. At the same time last week, the 15-year fixed rate mortgage was at 2.53%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed rate, the APR is 2.75%. Last week it was 2.73%.

A 15-year, $ 100,000 fixed rate mortgage with a current interest rate of 2.55% will cost $ 669 per month in principal and interest. Over the life of the loan, you would pay $ 20,446 in total interest.

Giant mortgage rates

The average interest rate on the 30-year fixed rate jumbo mortgage is 3.25%. Last week, the average rate was 3.17%. 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 3.25% will pay $ 435 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 $ 3,264, and you would pay approximately $ 425,057 in total interest over the life of the loan.

5/1 ARM interest rate

On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.74% 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:

  • House price
  • Deposit amount
  • Interest rate
  • term of the loan
  • Taxes, insurance and any HOA fees

How much to save for a house

You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.

Here are six things you can do to save money for a home:

  • Deposit
  • Inspection and evaluation
  • Closing costs
  • Ongoing charges
  • Home furnishings
  • Repairs and renovations

What is an APR and why is it important?

The APR, or annual percentage rate, is the overall cost of your loan. It includes interest and finance charges on your loan, accounting for interest, fees, and time.

The APR is important because it can help you understand the total cost of your mortgage if you decide to keep it for the duration.


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