May 19, 2022—Mortgage Rate Advance – Forbes Advisor
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30-year fixed mortgage rates rose slightly today.
The average rate for a 30-year fixed mortgage is 5.54%, according to Bankrate.com, while the average rate for a 15-year mortgage is 4.80%. On a 30-year jumbo mortgage, the average rate is 5.45% and the average rate on a 5/1 ARM is 3.87%.
Related: Compare current mortgage rates
30-year mortgage rates
The average 30-year benchmark fixed-rate mortgage rate rose to 5.54%. A week ago, the 30-year fixed was 5.64%. The 52-week high is 5.64%.
The APR on a 30-year fixed is 5.56%. This time last week it was 5.66%. The APR is the overall cost of your loan.
At the current interest rate of 5.54%, borrowers with a $100,000 30-year fixed-rate mortgage will pay $570 a month in principal and interest (taxes and fees not included), says the Forbes mortgage calculator Advisor. In total interest, you would pay $105,308 over the life of the loan.
15-year mortgage rates
Today, the 15-year fixed mortgage rate is 4.80%, lower than it was at the same time yesterday. Last week it was 4.88%. Today’s rate is above the 52-week low of 2.28%.
On a 15-year fixed term, the APR is 4.83%. Last week it was 4.92%.
At the current interest rate of 4.80%, a 15-year fixed rate mortgage would cost approximately $780 per month in principal and interest per $100,000. You would pay approximately $40,475 in total interest over the life of the loan.
Giant Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 5.45%, lower than this time last week. The average rate was 5.55% at the same time last week. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 3.03%.
Borrowers with a giant 30-year fixed-rate mortgage with a current interest rate of 5.45% will pay $565 a 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 $4,235, and you would pay approximately $774,571 in total interest over the life of the loan.
5/1 ARM interest rate
On an ARM 5/1, the average rate rose to 3.87% from 3.85% yesterday. The average rate was 3.85% last week. Today’s rate is currently above the 52-week high of 3.83%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.87% will pay $470 per month in principal and interest.
How to calculate mortgage payments
Mortgages and mortgage lenders are often a necessary part of buying a home, but figuring out what you’re paying and what you can actually afford can be tricky.
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:
- house price
- Deposit amount
- Interest rate
- term of the loan
- Taxes, insurance and all HOA fees
How much to save for a house
You may know you need to save enough for a down payment, but it takes more money than that to get through the home buying process. Also, after buying, you need to furnish your new home and track potential repairs.
Here are six things to prepare for when saving for a home:
- Inspection and evaluation
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
Do I need to get pre-approved for a mortgage loan?
Getting pre-approved for a mortgage can help you through the home buying process. A 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, tax returns, and any other documents required by your lender.
The lender you select will guide you through the pre-approval process.