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The current average mortgage rate on a 30-year fixed mortgage is 6.99%, compared to 6.85% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.28%, up 0.12% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Current Mortgage Rates for May 11, 2023
30-Year Mortgage Rates
Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.99% compared to a rate of 6.85% a week ago. The lowest rate was 5.26% over the past 52 weeks and the highest was 7.41% in the same period.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.01%. The APR was 6.86% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.99%, you will pay about $665 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $139,267 in total interest over the life of the loan.
15-Year Mortgage Rates
Today’s 15-year mortgage (fixed-rate) is 6.28%, up 0.12% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.16%. 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 6.19% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.28% will cost $859 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,631 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.05%— 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 7.05% will cost you $669 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,020.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.73%. The 52-week low was 3.79% compared to a 52-week high of 5.82%.
If you lock in today’s 5/1 ARM interest rate of 5.73% on a $100,000 loan, your monthly payments (including principal and interest) will be $582.
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 to Calculate Mortgage Payments
To get an estimate of your mortgage costs, using a mortgage calculator can help.
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?
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
