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Mortgage rates haven’t budged today. If you’re interested in buying a home or refinancing your current home, you still have a chance to secure a historically low rate.

To date, the average rate for a 30-year fixed mortgage is 3.23% with an APR of 3.37%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.53% with an APR of 2.74%. On a 30-year jumbo mortgage, the average rate is 3.18% with an APR of 3.28%. The average rate on a 5/1 MRA is 2.74% with an APR of 4.07%.

**Related:** Compare current mortgage rates

## 30-year fixed mortgage rates

The average 30-year fixed-rate benchmark mortgage rate remained at 3.23%. At the same time last week, the 30-year fixed rate was 3.28%. The 52 week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.37%, lower than last week. The APR, or annual percentage rate, includes the interest rate on a loan and the cost of financing a loan. This is the overall cost of your loan.

At the current interest rate of 3.23%, homebuyers with a 30-year, $ 100,000 fixed-rate mortgage will pay $ 434 per month in principal and interest (taxes and fees not included), the calculator says. Forbes Mortgage Advisor. The total interest paid over the life of the loan will be approximately $ 56,279.

## 15-year fixed mortgage rates

The average interest rate on the 15-year fixed mortgage is 2.53%. At the same time last week, the 15-year fixed rate mortgage was at 2.54%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed rate is 2.74%. This time last week it was 2.74%.

At the current interest rate of 2.53%, a 15-year fixed rate mortgage would cost about $ 668 per month in principal and interest per $ 100,000. You would pay approximately $ 20,276 in total interest over the life of the loan.

## Giant mortgage rates

The average interest rate on the 30-year fixed rate jumbo mortgage is 3.18%. Last week, the average rate was 3.24%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 3.18% will pay 431 per month in principal and interest in every $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,235, and you would pay approximately $ 414,709 in total interest over the life of the loan.

## Variable rate mortgage rates 5/1

On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.75% last week. Today’s rate is currently below the 52-week high of 3.43%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 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 it can be difficult to figure out what you’re paying 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.

Here’s what you’ll need to calculate your monthly mortgage payment:

- Interest rate
- Deposit amount
- House price
- term of the loan
- Taxes
- Assurance
- HOA fees

## What you can afford to buy

How much home you can afford doesn’t just depend on your income and debt.

Here are some main factors that determine what you can afford:

- Income
- Debt
- Debt-to-income ratio, or DTI
- Deposit
- Credit score

## Explain the annual percentage rate

The APR, or Annual Percentage Rate, is a calculation that includes both the interest rate on a loan and the carrying charges on a loan, expressed as an annual cost over the life of the loan. In other words, it is the total cost of credit. APR takes into account interest, fees and time.

The APR is important because it can help you understand the total cost of your mortgage if you decide to keep it for the duration.