Today's Mortgage Rates: March 23, 2022—Mortgage Rates Hold Steady – Forbes Advisor – Forbes
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For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates remained unchanged today, keeping rates at historical lows.
As of today, the average rate on a 30-year fixed mortgage is 4.56% with an APR of 4.57%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 3.81% with an APR of 3.85%. On a 30-year jumbo mortgage, the average rate is 4.53% with an APR of 4.54%. The average rate on a 5/1 ARM is 3.16% with an APR of 4.05%.
Related: Compare Current Mortgage Rates
30-Year Mortgage Rates
The average rate stayed flat on a 30-year fixed mortgage, remaining at 4.56%. The 52-week high is 4.59%.
The APR on a 30-year fixed is 4.57%. This time last week, it was 4.49%. APR is the all-in cost of your loan.
At today’s interest rate of 4.56%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay 510 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be about $83,692.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage is 3.81%. This same time last week, the 15-year fixed-rate mortgage was at 3.65%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed, the APR is 3.85%. Last week it was 3.69%.
At today’s interest rate of 3.81%, a 15-year fixed-rate mortgage would cost approximately 730 per month in principal and interest per $100,000. You would pay around $31,436 in total interest over the life of the loan.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 4.53%. Last week, the average rate was 4.50%. 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 4.53% will pay 508 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 3,814, and you’d pay around $622,867 in total interest over the life of the loan.
5/1 ARM Interest Rates
The average interest rate on a 5/1 ARM sits at 3.16%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.09%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.16% will pay 430 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.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.
To calculate your monthly mortgage payment, here’s what you’ll need:
Interest rate
Down payment amount
Home price
Loan term
Taxes
Insurance
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.
What Is APR?
Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.
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.
