Current National Mortgage Rates: October 31, 2022—Mortgage Rates Dip
The current average rate on a 30-year fixed mortgage is 7.16%, compared to 7.26% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.41%, down 0.08% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 31, 2022
30-Year Fixed Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 7.16%, which is 0.10% lower than last week. In a 52-week span, the lowest rate was 5.64% while the highest was 7.38%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.17%. The APR was 7.27% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.16% on a $100,000 loan will cost $676 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 $143,390.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 6.41%. This same time last week, the 15-year fixed-rate mortgage was at 6.49%. Today’s rate is higher than the 52-week low of 4.94%.
On a 15-year fixed, the APR is 6.44%. Last week it was 6.53%.
At today’s interest rate of 6.41%, a 15-year fixed-rate mortgage would cost approximately $866 per month in principal and interest per $100,000. You would pay around $55,910 in total interest over the life of the loan.
Jumbo Mortgage Rates
On a 30-year jumbo, the average interest rate sits at 7.16%, lower than it was at this time last week. The average rate was 7.28% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 5.67%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.16% will pay $676 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 $5,076, and you’d pay roughly $1,075,423 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.50%, up 0.04% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.24% and the high was 5.53%.
Borrowers with the current rate of 5.50% will spend $568 on principal and interest per month on a $100,000 loan.
Where Are Mortgage Rates Headed This Year?
Mortgage rates have increased this year, and many experts expect rates will rise further. Forecasts range from about 5.5% by the end of 2022 to as high as 7%. As always, it pays to shop around and be ready to lock in a rate if you find one that seems competitively low.
How Much House Can I Afford?
Buying a house is a huge purchase and can put a big dent in your savings. Before you start looking, it’s important to figure out both what you can afford and you’re willing to spend.
Not only do you want to consider your income and debt, but you also want to factor in emergency savings and any long-term financial goals such as retirement or college.
These are some basic financial factors that go into home affordability:
- Debt-to-income ratio (DTI)
- Down payment
- Credit score