Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
The average rate on a 30-year fixed mortgage rose by 0.09 percentage points in the last week to 7.38%.
Meanwhile, the APR on a 15-year fixed mortgage climbed 0.20 percentage points during the same period to 6.62%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Current Mortgage Rates for July 4, 2023
30-Year Mortgage Rates
Today’s 30-year mortgage—the most popular mortgage product—is 7.38%, up 0.09 percentage points from a week earlier.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 7.29%. Last week, the APR was 7.19%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.38%, your monthly payment will be about $691, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $148,766 in total interest over the life of the loan.
15-Year Mortgage Rates
Today, the 15-year mortgage rate is 6.62%, higher than it was yesterday. Last week, it was 6.42%.
The APR on a 15-year fixed is 6.56%. It was 6.37% this time last week.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.62% will cost $878 per month in principal and interest. Over the life of the loan, you would pay $57,989 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.10%— up from last week. The 30-year jumbo mortgage rate had a 52-week APR low of 5.63% and a 52-week high of 9.00%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.10% will cost you $672 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,039.
How to Calculate Mortgage Payments
Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. Start by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
How Much House Can I Afford?
Everyone’s budget and financial goals vary. How much house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
