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The current average mortgage rate on a 30-year fixed mortgage is 7.25% with an APR of 7.16%, according to Curinos. The 15-year fixed mortgage has an average rate of 6.44% with an APR of 6.38%. On a 30-year jumbo mortgage, the average rate is 6.94% with an APR of 6.90%.
Current Mortgage Rates for June 23, 2023
30-Year Mortgage Rates
Borrowers will pay less in interest this week as the average rate on a 30-year mortgage is 7.25% compared to a rate of 7.27% a week ago.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.16%. The APR was 7.17% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.25%, you will pay about $682 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $145,657 in total interest over the life of the loan.
15-Year Mortgage Rates
Today’s 15-year mortgage (fixed-rate) is 6.44%, up 0.05 percentage points from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.39%.
The APR on a 15-year fixed is 6.38%. It was 6.34% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.44% will cost $868 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,177 in total interest.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.94%. Last week, the average rate was 6.98%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.94% will pay $661 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 $4,957 and you’d pay approximately $1.03 million in total interest over the life of the loan.
What Affects Mortgage Rates?
The Federal Reserve’s restrictive monetary policy—including its interest rate hikes, which it’s using to restrain inflation—is the primary factor that’s pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rate Forecast & Trends For 2023
How To Compare Mortgage Rates
Shop around and talk to various lenders to get a sense of each company’s mortgage loan offerings and services. Don’t go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they’re willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don’t come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Is This a Good Time To Buy a House?
Mortgage rates remain elevated, and the nation’s housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
