The average rate on a 30-year fixed mortgage is 7.25% with an APR of 7.26%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 6.48% with an APR of 6.50%. On a 30-year jumbo mortgage, the average rate is 7.27% with an APR of 7.27%. The average rate on a 5/1 ARM is 5.52% with an APR of 7.08%.
Related: Compare Current Mortgage Rates
Mortgage Rates for November 2, 2022
30-Year Fixed Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 7.25%, compared to last week when it was 7.22%. Over the last 52 weeks, the lowest rate was 5.68% and the high was 7.38%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.26%. The APR was 7.23% last week. APR is the all-in cost of your loan.
With today’s interest rate of 7.25%, a 30-year fixed mortgage of $100,000 costs approximately $682 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $145,583 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
The average interest rate on the 15-year fixed mortgage sits at 6.48%. 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%.
The APR on a 15-year fixed is 6.50%. It was 6.52% this time last week.
With an interest rate of 6.48%, you would pay $870 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $56,601 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.27%— 0.03% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.70% and a 52-week high of 7.43%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.27% will cost you $684 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 Interest Rates
Today’s average interest rate on a 5/1 ARM is 5.52%, up 0.01% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.34% and the high was 5.53%.
Borrowers with the current rate of 5.52% will spend $569 on principal and interest per month on a $100,000 loan.
Where Are Mortgage Rates Headed This Year?
In the first half of 2022, rates for home loans skyrocketed and currently sit at about 7.25% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to climb—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.
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
More From Advisor
- Today’s Mortgage Rates: November 1, 2022—Rates Decrease
- Current National Mortgage Rates: October 31, 2022—Mortgage Rates Dip
- Current Mortgage Interest Rates: October 28, 2022—Rates Cool Off
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
