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The average rate on a 30-year fixed mortgage jumped by 0.11% in the last week to 7.00%.
Meanwhile, the average rate on a 15-year fixed mortgage climbed 0.16% during the same period to 6.34%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for April 20, 2023
30-Year Fixed Mortgage Interest Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 7.00%, which is 0.11% higher than last week. In a 52-week span, the lowest rate was 5.26% while the highest was 7.41%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.01%. The APR was 6.90% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.00% on a $100,000 loan will cost $665 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $139,509.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate sits at 6.34%, higher than it was yesterday. Last week, it was 6.18%. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 6.37%. It was 6.21% this time last week.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.34% will cost $862 per month in principal and interest. Over the life of the loan, you would pay $55,220 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.13% from last week to 7.11%. That’s 1.92% higher than the 52-week low of 5.19%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.11% will pay approximately $673 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,050.
5/1 ARM Rates
Today’s average interest rate on a 5/1 ARM is 5.70%, up 0.05% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 3.60% and the high was 5.82%.
Borrowers with the current rate of 5.70% will spend $580 on principal and interest per month on a $100,000 loan.
How Much House Can I Afford?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
APR, 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 APRs include both the interest rate and certain fees associated with a home loan, the 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.
