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Currently, the current average mortgage rate on a 30-year fixed mortgage is 7.20%, compared to 7.08% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.50%, up 0.16% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Current Mortgage Rates for May 24, 2023
30-Year Mortgage Rates
Today, the average rate on a 30-year mortgage is 7.20%, compared to last week when it was 7.08%. Over the last 52 weeks, the lowest rate was 5.26% and the high was 7.41%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.21%. The APR was 7.09% last week. APR is the all-in cost of your loan.
With today’s interest rate of 7.20%, a 30-year fixed mortgage of $100,000 costs approximately $679 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $144,364 in total interest over the life of the loan.
15-Year Mortgage Rates
Today’s 15-year mortgage (fixed-rate) is 6.50%, up 0.16% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.34%. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 6.53%. It was 6.37% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.50% will cost $871 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,799 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.26%— 0.10% 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 7.26% will cost you $683 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,127.
5/1 ARM Rates
Today’s average interest rate on a 5/1 ARM is 5.92%, up 0.22% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 3.89% and the high was 5.92%.
Borrowers with the current rate of 5.92% will spend $594 on principal and interest per month on a $100,000 loan.
Related: When a 5/1 ARM Is The Best Choice For You
VA Mortgage Rates
Today’s current VA mortgage rate is 6.48% compared to a week ago when it was 6.32%. The 52-week high was 6.48% compared to a low of 5.91% in that same period.
How to Calculate Mortgage Payments
One of the first steps in buying a house is budgeting. To get a rough idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.
Just input the following data to get an idea of how much a house will cost:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
What’s an APR, and Why Is It Important?
The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.
Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.
