Current Mortgage Interest Rates: August 4, 2022—Mortgage Rates Trend Higher – Forbes - 24line

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الخميس، 4 أغسطس 2022

Current Mortgage Interest Rates: August 4, 2022—Mortgage Rates Trend Higher – Forbes

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

Today, the average rate on a 30-year fixed mortgage is 5.54%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.80%. On a 30-year jumbo mortgage, the average rate is 5.54%, and the average rate on a 5/1 ARM is 4.16%.

Mortgage rates have fallen since last week but are higher than they were yesterday.

Related: Compare Current Mortgage Rates

30-Year Fixed-Rate Mortgage Rates

The average rate rose on a 30-year fixed mortgage, inching up to 5.54% from 5.48% one day ago. Today’s rate is lower than the 52-week high of 6.11%.

On a 30-year fixed mortgage, the APR is 5.55%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At an interest rate of 5.54%, a 30-year fixed mortgage would cost $563 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be around $46,407.

15-Year Fixed Mortgage Rates

Today, the 15-year fixed mortgage rate sits at 4.80%, higher than it was one day ago. Last week, it was 4.89%. Today’s rate is higher than the 52-week low of 4.60%.

The APR on a 15-year fixed is 4.82%. This time last week, it was 4.91%.

With an interest rate of 4.80%, you would pay $520 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $39,824 in total interest.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate sits at 5.54%, lower than it was at this time last week. The average rate was 5.56% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 6.11%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.54% will pay $562 per month in principal and interest per $100,000.

5/1 ARM Rates

On a 5/1 ARM, the average rate remained at 4.16%. The average rate was 4.23% last week. Today’s rate is currently lower than the 52-week high of 4.32%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.16% will pay $487 per month in principal and interest.

How to Calculate Mortgage Payments

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits into your budget.

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

Gather these data points to calculate your monthly mortgage payment:

  • The home price
  • Your down payment amount
  • The interest rate
  • The loan term
  • Any 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 score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

What’s an APR and Why Is It Important?

The APR, or annual percentage rate, is the all-in cost of your loan. It includes your loan’s interest and finance charges, accounting for interest, fees and time.

APR can help you understand the total cost of a mortgage if you keep it for the full term. Keep in mind that the APR is often higher than the interest rate.



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