Current National Mortgage Rates: October 13, 2022—Rates Hit A 52-Week High
Today’s average rate on a 30-year fixed mortgage is 7.13%, up 0.24% from the previous week.
Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they often have a lower rate than that of a 30-year, fixed-rate home loan. The average rate on a 15-year fixed mortgage is 6.30%. However, you’ll have higher monthly payments since you’re paying off your mortgage in 15 years instead of 30.
If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 13, 2022
30-Year Fixed Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 7.13%, compared to last week when it was 6.89%. Over the last 52 weeks, the lowest rate was 5.26% and the high was 7.13%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.14%. The APR was 6.91% last week. APR is the all-in cost of your loan.
With today’s interest rate of 7.13%, a 30-year fixed mortgage of $100,000 costs approximately $674 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $142,660 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.30%, up 0.21% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.09%. Today’s rate is higher than the 52-week low of 4.62%.
The APR on a 15-year fixed is 6.34%. It was 6.12% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.30% will cost $860 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,827 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.26% from last week to 7.16%. That’s 1.97% higher than the 52-week low of 5.19%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.16% will pay approximately $676 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,076.
5/1 ARM Interest Rates
The average interest rate on a 5/1 ARM sits at 5.37%, higher than the 52-week low of 4.11%. Last week, the average rate was 5.36%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.37% will pay $560 per month in principal and interest.
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
How Much House Can I Afford?
The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.
Here are a few important factors that go into home affordability:
- Debt-to-income ratio (DTI)
- Down payment
- Credit score