Current Mortgage Interest Rates: August 8, 2022—Rates Move Up – Forbes - 24line

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الاثنين، 8 أغسطس 2022

Current Mortgage Interest Rates: August 8, 2022—Rates Move Up – Forbes

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

The current average rate on a 30-year fixed mortgage is 5.66%, compared to 5.27% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 4.88%, up 22 basis points from the previous week.

Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.

Related: Compare Current Mortgage Rates

30-Year Fixed Mortgage Interest Rates

The average rate for the benchmark 30-year fixed-rate mortgage rose to 5.66% from 5.43% yesterday. This time last week, the 30-year fixed was 5.27%. Today’s rate is lower than the 52-week high of 6.11%.

On a 30-year fixed mortgage, the APR is 5.67%, higher 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.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $566 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.66%. In total interest, you’d pay $46,789 over the life of the loan.

15-Year Fixed Mortgage Rates

The average interest rate on the 15-year fixed mortgage sits at 4.88%. This same time last week, the 15-year fixed-rate mortgage was at 4.66%. Today’s rate is higher than the 52-week low of 4.60%.

On a 15-year fixed, the APR is 4.90%. Last week it was 4.68%.

At today’s interest rate of 4.88%, a 15-year fixed-rate mortgage would cost approximately $522 per month in principal and interest per $100,000. You would pay around $40,103 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 5.69%. Last week, the average rate was 5.20%. 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 5.69% will pay $565 per month in principal and interest per $100,000.

5/1 Adjustable-Rate Mortgage Rates

The average interest rate on a 5/1 ARM is 4.20%, higher than the 52-week low of 3.89%. Last week, the average rate was 4.11%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.20% will pay $489 per month in principal and interest.

How to Calculate Mortgage Payments

Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually afford.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

To calculate your monthly mortgage payment, here’s what you’ll need:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • 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.

Explaining Annual Percentage Rate

APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.

APR is important because it can help you understand the complete cost of your home loan if you decide to keep it for the entire term.



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