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Today, the average rate on a 30-year fixed mortgage is 6.49%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 5.74%. The average rate for a jumbo 30-year mortgage is 6.50%, and the average rate for a 5/1 ARM is 5.45%.

Related: Compare current mortgage rates

Mortgage Rates as of January 16, 2023

Fixed 30-year mortgage interest rates

Today’s 30-year fixed-rate mortgage, the most popular mortgage product, is at 6.49%, down 0.12% from the previous week.

The interest rate is just a fee included in your mortgage. You’ll also pay the lender’s fees, which differ from lender to lender. Both the interest rate and the lender’s fees are captured in the annual percentage rate, or APR. This week the APR of a 30-year fixed-rate mortgage is 6.50%. Last week, the APR was 6.62%.

Let’s say your home loan is $100,000 and you have a 30-year fixed rate mortgage at the current rate of 6.49%, your monthly payment will be approximately $631 including principal and interest (taxes and fees not included), Forbes Advisor shows the mortgage calculator. That’s about $127,308 in total interest over the life of the loan.

15-year mortgage rates

The average interest rate of the 15-year fixed mortgage is 5.74%. At this time last week, the 15-year fixed-rate mortgage was at 6.01%.

The APR on a 15-year fixed is 5.76%. It was 6.03% this time last week.

At the current interest rate of 5.74%, a 15-year fixed-rate mortgage would cost about $830 per month in principal and interest per $100,000. You would pay about $49,377 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.50%. Last week, the average rate was 6.60%.

Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 6.50% will pay $632 per month in principal and interest per $100,000. That means that on a $750,000 loan, your monthly principal and interest payment would be around $4,741, and you would pay approximately $956,584 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Rates

Today’s average interest rate on a 5/1 ARM is 5.45%.

Borrowers at the current rate of 5.45% will spend $565 in principal and interest per month on a $100,000 loan.

How to Calculate Mortgage Payments

One of the first steps in buying a home is budgeting. To get a rough idea of ​​how much it will cost to own a home, start by using a mortgage calculator to run the numbers.

Simply enter the following data to get an idea of ​​how much a house will cost:

  • Housing prices
  • down payment amount
  • Interest rate
  • loan term
  • Taxes, insurance and any HOA fees

How much house can I afford?

The amount of house you can afford depends on a number of factors, including your income and debts.

Here are some basic factors that influence what you can afford:

  • Income
  • Debt
  • Debt-to-income ratio (DTI)
  • Initial payment
  • credit score