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The current average mortgage rate on a 30-year fixed mortgage is 6.99% with an APR of 7.01%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 6.28% with an APR of 6.31%. On a 30-year jumbo mortgage, the average rate is 7.11% with an APR of 7.12%. The average rate on a 5/1 ARM is 5.78% with an APR of 7.39%.
Current Mortgage Rates for May 10, 2023
30-Year Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.99%, which is 0.09% 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 6.91% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.99% 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 $139,267.
15-Year Mortgage Rates
The average interest rate on a 15-year mortgage (fixed-rate) is 6.28%. This same time last week, the 15-year fixed-rate mortgage was at 6.21%. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 6.31%. It was 6.24% this time last week.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.28% will cost $859 per month in principal and interest. Over the life of the loan, you would pay $54,631 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.11%— 0.11% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 7.44%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.11% will cost you $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 Interest Rates
Today’s average interest rate on a 5/1 ARM is 5.78%, up from the 52-week low of 3.79%. Last week, the average rate was 5.76%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.78% will spend $585 per month in principal and interest.
Related: When a 5/1 ARM Is The Best Choice For You
VA Mortgage Rates
Today’s current VA mortgage rate is 6.23% compared to a week ago when it was 6.19%. The 52-week high was 6.58% compared to a low of 5.91% in that same period.
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
