The current average rate on a 30-year fixed mortgage is 7.21%, compared to 6.98% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.42%, up 0.28% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 14, 2022
30-Year Fixed-Rate Mortgage Rates
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Today’s average rate on a 30-year, fixed-rate mortgage is 7.21%, which is 0.23% higher than last week. In a 52-week span, the lowest rate was 5.26% while the highest was 7.21%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.23%. The APR was 7.00% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.21% on a $100,000 loan will cost $679 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $144,608.
15-Year Mortgage Interest Rates
Today’s 15-year, fixed-rate mortgage is 6.42%, up 0.28% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.14%. Today’s rate is higher than the 52-week low of 4.62%.
The APR on a 15-year fixed is 6.45%. It was 6.18% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.42% will cost $867 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,009 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 7.25%. Last week, the average rate was 7.01%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.25% and as low as 5.19%.
If you lock in today’s rate of 7.01% on a 30-year, fixed-rate jumbo mortgage, you will pay $682 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,121, and you’d pay around $1,091,876 in total interest over the life of the loan.
5/1 ARM Rates
On a 5/1 ARM, the average rate moved up to 5.38% from 5.37% yesterday. The average rate was 5.35% 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 5.38% will pay $560 per month in principal and interest.
How to Calculate Mortgage Payments
To get an estimate of your mortgage costs, using a mortgage calculator can help.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
How Much House Can I Afford?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score