September 9, 2022 – Interest rates hit 52-week high – Forbes Advisor

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The average interest rate on a 30-year fixed-rate mortgage rose 0.04% to 6.18% in the last week.

Meanwhile, the average interest rate on a 15-year fixed-rate mortgage rose 0.04% to 5.34% over the same period.

For existing homeowners, compare your current mortgage rates to today’s refinancing rates.

Related: Compare current mortgage rates

Mortgage interest for 30 years

Today, the average interest rate on a 30-year fixed-rate mortgage is 6.18%, compared to 6.14% last week. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 6.18%.

The annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.19%. The APR was 6.16% last week. APR is the total cost of your loan.

At today’s interest rate of 6.18%, a $100,000 30-year fixed-rate mortgage costs about $611 a month in principal and interest (not including taxes and fees), according to Forbes Advisor’s Mortgage Calculator. Borrowers will pay a total of approximately $120,022 in interest over the life of the loan.

15-year mortgage rates

Today, the 15-year fixed-rate mortgage rate is 5.34%, lower than a day ago. Last week it was 5.30%. Today’s rate is above the 52-week low of 4.62%.

The APR for a 15-year fixed deposit is 5.37%. This time last week it was 5.33%.

A 15-year, $100,000 fixed-rate mortgage at today’s rate of 5.34% costs $809 a month in principal and interest. You will pay a total of $45,551 in interest over the life of the loan.

Jumbo Mortgage Rates

The current average rate on a 30-year fixed rate jumbo mortgage is 6.20% – up 0.03% from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 6.20%.

A 30-year jumbo mortgage at today’s 6.20% fixed rate will cost you $612 a month in principal and interest per $100,000. For a $750,000 jumbo mortgage, the monthly principal and interest payment would be about $4,598.

5/1 ARM interest rates

Today’s average interest rate for a 5/1 ARM is 4.60%, up 0.08% from a week ago. Over the past 52 weeks, the lowest 5/1 ARM rate was 4.11% and the highest was 4.60%.

Borrowers with the current interest rate of 4.60% spend $513 on principal and interest per month on a $100,000 loan.

How are mortgage rates going this year?

In the first half of 2022, home loan rates rose and currently stands at around 6.18% for the popular 30-year fixed-rate mortgage. Pundits are divided on whether they will continue to rise – some forecasts put the year-end average at nearly 7% – or stay flat from here. When you’re in the market for a mortgage, be sure to check interest rates often and always research lenders.

What is an APR and why is it important?

Annual Percentage Rate (APR) represents the interest rate and charges on a loan, expressed as an annual cost over the life of the loan. It is essentially the total cost of the loan.

The APR is a useful number because it tells you the total cost of a mortgage if you keep it for the entire term.

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