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The average rate on a 30-year fixed mortgage jumped by 0.07% in the last week to 6.72%.
Meanwhile, the average rate on a 15-year fixed mortgage climbed 0.25% during the same period to 6.04%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for February 14, 2023
30-Year Fixed-Rate Mortgage Rates
Today, the average rate for the benchmark 30-year fixed mortgage fell to 6.72% from 6.73% yesterday. At this time last week, the 30-year fixed was 6.65%.
The APR on a 30-year fixed is 6.73%. This time last week, it was 6.66%. APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $647 per month in principal and interest (taxes and fees not included) at today’s interest rate of 6.72%. In total interest, you’d pay $132,778 over the life of the loan.
15-Year Fixed Mortgage Rates
Today, the 15-year fixed mortgage rate sits at 6.04%, higher than it was one day ago. Last week, it was 5.79%.
On a 15-year fixed, the APR is 6.06%. Last week it was 5.82%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.04% will cost $846 per month in principal and interest. Over the life of the loan, you would pay $52,283 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.04% from last week to 6.76%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.76% will pay approximately $649 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,874.
5/1 Adjustable-Rate Mortgage Rates
The average interest rate on a 5/1 ARM sits at 5.42%. Last week, the average rate was 5.39%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.42% will pay $563 per month in principal and interest.
What’s an APR, and Why Is It Important?
The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.
