Current Mortgage Interest Rates: April 8, 2022—Mortgage Rates Inch Up – Forbes
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The rate on a 30-year fixed mortgage inched up today. Yet rates are still historically low overall.
Today, the average rate on a 30-year fixed mortgage is 5.09%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.21%. On a 30-year jumbo mortgage, the average rate is 5.03%, and the average rate on a 5/1 ARM is 3.43%.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage Rates
The average rate rose on a 30-year fixed mortgage, inching up to 5.09% from 4.88% one day ago. The 52-week high is 5.09%.
On a 30-year fixed mortgage, the APR is 5.10%, 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 542 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.09%. In total interest, you’d pay $95,241 over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate sits at 4.21%, higher than it was one day ago. Last week, it was 4.12%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 4.25%. This time last week, it was 4.15%.
With an interest rate of 4.21%, you would pay 750 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $35,046 in total interest.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate is 5.03%, higher than it was at this time last week. The average rate was 4.91% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.03% will pay 539 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around 4,040, and you’d pay around $704,373 in total interest over the life of the loan.
5/1 ARM Interest Rates
On a 5/1 ARM, the average rate inched up to 3.43% from 3.38% yesterday. The average rate was 3.34% last week. Today’s rate is currently the 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.43% will pay 445 per month in principal and interest.
How to Calculate Mortgage Payments
For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be challenging to figure out how much you can afford and what you’re paying for.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need in order 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.
Why Should I Get Preapproved for a Mortgage?
Mortgage preapproval represents a lender’s offer to loan you money based on your financial circumstances and specific terms.
You can start the preapproval process by gathering documents your lender will need, including your:
Social Security card
Recent W-2 forms
Pay stubs
Bank statements
Tax returns
The lender you select will then guide you through the preapproval process.
