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Today’s average rate on a 30-year fixed mortgage is 6.82%, down 0.15% from the previous week.
Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they generally have a lower rate than that of a 30-year, fixed-rate home loan. The average rate on a 15-year fixed mortgage is 6.10%. However, a 15-year mortgage means you are paying off the house in half the amount of time compared to a 30-year term, so your monthly payments will be higher.
If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for April 04, 2023
30-Year Mortgage Rates
Borrowers paid an average rate on a 30-year fixed-rate mortgage of 6.82%. This was down from the previous week’s rate of 6.97%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.83%. This is lower than last week when the APR was 6.99%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.82% will cost you about $653, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $135,173 in total interest over the life of the loan.
15-Year Mortgage Rates
The average interest rate on the 15-year fixed mortgage is 6.10%. This same time last week, the 15-year fixed-rate mortgage was at 6.14%. Today’s rate is higher than the 52-week low of 4.31%.
On a 15-year fixed, the APR is 6.13%. Last week it was 6.17%.
At today’s interest rate of 6.10%, a 15-year fixed-rate mortgage would cost approximately $849 per month in principal and interest per $100,000. You would pay around $52,868 in total interest over the life of the loan.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.88%— 0.17% down from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.10% and a 52-week high of 7.44%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.88% will cost you $657 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,934.
5/1 ARM Rates
The current average interest rate on a 5/1 ARM is 5.65%. The 52-week low was 3.42% compared to a 52-week high of 5.82%.
If you lock in today’s 5/1 ARM interest rate of 5.65% on a $100,000 loan, your monthly payments (including principal and interest) will be $577.
What’s an APR, and Why Is It Important?
The APR, or annual percentage rate, includes the mortgage interest rate and lender fees over the life of the loan. This is an important figure because it gives borrowers a better snapshot of what they will pay for a mortgage as it shows the total cost of a mortgage if you keep it for the entire term.
