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For anyone in the market to buy or refinance a home, now is a good time to secure a low rate. Mortgage rates have fallen today and remain at historically low levels.

The average rate on a 30-year fixed mortgage is 3.09%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.42%. The average rate for a 30-year jumbo mortgage is 3.05% and the average rate for a 5/1 ARM is 2.74%.

Related: Compare current mortgage rates

30-year fixed mortgage interest rates

The average rate fell on a 30-year fixed mortgage, slipping to 3.09% from 3.10% yesterday. The 52 week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.25%, compared to last week. The APR, or annual percentage rate, includes the interest rate on a loan and the cost of financing a loan. This 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 426 per month in principal and interest (taxes and fees not included) at the current interest rate of 3.09% . The total interest paid over the term of the loan will be approximately $ 53,530.

15-year fixed rate mortgage rates

The average interest rate on the 15-year fixed mortgage is 2.42%. At the same time last week, the 15-year fixed rate mortgage was at 2.43%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed rate, the APR is 2.66%. Last week it was 2.65%.

At the current interest rate of 2.42%, a 15-year fixed rate mortgage would cost about $ 663 per month in principal and interest per $ 100,000. You would pay approximately $ 19,345 in total interest over the life of the loan.

Giant mortgage rates

The average interest rate on the 30-year fixed rate jumbo mortgage is 3.05%. Last week, the average rate was 3.05%. 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 3.05% will pay 424 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 3,182, and you would pay approximately $ 395,625 in total interest over the life of the loan.

ARM rate 5/1

The average interest rate on a 5/1 ARM is 2.74%, higher than the 52 week low of 2.83%. Last week, the average rate was 2.74%.

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.

Calculation of mortgage payments

For much of the population, buying a home means working with a mortgage lender to secure a mortgage. It can be difficult to determine how much you can afford and what you are paying for.

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

Collect these data points to calculate your monthly mortgage payment:

  • House price
  • Deposit amount
  • Interest rate
  • term of the loan
  • 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 rating.

You should also factor in closing costs, property taxes, insurance costs, and routine maintenance expenses.

The type of loan you choose can also affect the amount of home you can afford. When shopping for a loan, consider whether a conventional mortgage, FHA loan, VA loan, or USDA loan is best suited to your particular situation.

How do I get pre-approved for a mortgage?

Getting pre-approved for a mortgage can help you during the home buying process. Mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.

To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, income tax returns, and any other documents required by your lender.

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


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