Current National Mortgage Rates: April 27, 2022—Rates Increase – Forbes Advisor
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
30-year fixed mortgage rates inched up today.
The average rate on a 30-year fixed mortgage is 5.50% with an APR of 5.52%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.74% with an APR of 4.78%. On a 30-year jumbo mortgage, the average rate is 5.38% with an APR of 5.40%. The average rate on a 5/1 ARM is 3.67% with an APR of 4.76%.
Related: Compare Current Mortgage Rates
30-Year Fixed Mortgage RatesThe average rate rose on a 30-year fixed mortgage, inching up to 5.50% from 5.49% yesterday. The 52-week high is 5.50%.
The APR on a 30-year fixed is 5.52%. This time last week, it was 5.36%. 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 568 per month in principal and interest (taxes and fees not included) at today’s interest rate of 5.50%. You’d pay approximately $104,404 in total interest over the life of the loan.
15-Year Mortgage RatesToday, the 15-year fixed mortgage rate is 4.74%, higher than it was at this time yesterday. Last week, it was 4.50%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 4.78%. Last week it was 4.54%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 4.74% will cost 777 per month in principal and interest. Over the life of the loan, you would pay $39,917 in total interest.
Jumbo Mortgage RatesOn a 30-year jumbo, the average interest rate sits at 5.38%, higher than it was at this time last week. The average rate was 5.23% 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 5.38% will pay 560 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 4,202, and you’d pay around $762,764 in total interest over the life of the loan.
5/1 ARM Interest RatesOn a 5/1 ARM, the average rate moved up to 3.67% from 3.66% yesterday. The average rate was 3.59% last week. Today’s rate is currently higher than the 52-week high of 3.63%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.67% will pay 459 per month in principal and interest.
How to Calculate Mortgage PaymentsFor much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky 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.
To calculate your monthly mortgage payment, here’s what you’ll need:
- 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 APR Is ImportantAPR, 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.
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.