Here Are Today’s Mortgage Rates: August 1, 2022—Rates Fall – Forbes - 24line

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الاثنين، 1 أغسطس 2022

Here Are Today’s Mortgage Rates: August 1, 2022—Rates Fall – Forbes

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

The average rate on a 30-year fixed mortgage is 5.28%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.89%. On a 30-year jumbo mortgage, the average rate is 5.56%, and the average rate on a 5/1 ARM is 4.11%.

Related: Compare Current Mortgage Rates

30-Year Fixed Mortgage Interest Rates

Today, the average rate for the benchmark 30-year fixed mortgage fell to 5.28% from 5.43% yesterday. At this time last week, the 30-year fixed was 5.73%. The 52-week low is 5.27%.

The APR on a 30-year fixed is 5.28%. This time last week, it was 5.74%. APR is 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 $553 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.27%.

15-Year Mortgage Interest Rates

Today, the 15-year fixed mortgage rate is 4.66%, lower than it was one day ago. Last week, it was 4.95%. Today’s rate is higher than the 52-week low of 4.60%.

The APR on a 15-year fixed is 4.68%. This time last week, it was 4.98%.

At today’s interest rate of 4.66%, a 15-year fixed-rate mortgage would cost approximately $773 per month in principal and interest per $100,000.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate is 5.20%, lower than it was at this time last week. The average rate was 5.69% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently than the 52-week low of 6.11%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.20% will pay $549 per month in principal and interest per $100,000.

5/1 Adjustable-Rate Mortgage Rates

The average interest rate on a 5/1 ARM sits at 4.11%, higher than the 52-week low of 3.80%. Last week, the average rate was 4.25%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.11% will pay $484 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.

Gather these data points to calculate your monthly mortgage payment:

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

Figuring Out How Much House You Can Afford

How much The 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, or DTI
  • Down payment
  • Credit score

Explaining Annual Percentage Rate

Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.



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