Currently, the average rate on a 30-year fixed mortgage is 7.22%, compared to 7.20% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.49%, up 0.09% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 26, 2022
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30-Year Fixed Mortgage Interest Rates
Borrowers will pay more in interest this week as the average rate on a 30-year fixed-rate mortgage is 7.22% compared to a rate of 7.20% a week ago. The lowest rate was 5.50% over the past 52 weeks and the highest was 7.38% in the same period.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.23%. The APR was 7.21% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.22%, you will pay about $680 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $144,851 in total interest over the life of the loan.
15-Year Fixed Mortgage Rates
The average interest rate on the 15-year fixed mortgage sits at 6.49%. This same time last week, the 15-year fixed-rate mortgage was at 6.40%. Today’s rate is higher than the 52-week low of 4.94%.
On a 15-year fixed, the APR is 6.52%. Last week it was 6.44%.
At today’s interest rate of 6.49%, a 15-year fixed-rate mortgage would cost approximately $871 per month in principal and interest per $100,000. You would pay around $56,700 in total interest over the life of the loan.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 7.24%, higher than it was at this time last week. The average rate was 7.21% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 5.51%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.24% will pay $682 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 $5,116, and you’d pay approximately $1,090,045 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.51%, up 0.06% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.24% and the high was 5.51%.
Borrowers with the current rate of 5.51% will spend $568 on principal and interest per month on a $100,000 loan.
Where Are Mortgage Rates Headed This Year?
Rates for home loans have soared this year, rising from 3.22% in early January to 7.22% this week for the most popular 30-year, fixed-rate mortgage. What happens next is anyone’s guess: a Forbes Advisor survey of experts predicts the year-end average anywhere from 5% to nearly 7%. If you are seeking a mortgage right now, consult multiple lenders and lock in a rate as soon as a competitive offer comes along.
How to Calculate Mortgage Payments
Before you look for a house, you should get to know your budget. This will give you an idea of the type of house you can afford. Start by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees