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Today, the average rate on a 30-year fixed mortgage is 6.77%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.08%. The average rate on a 30-year jumbo mortgage is 6.82%, and the average rate on a 5/1 ARM is 5.45%.
Related: Compare Current Mortgage Rates
Mortgage Rates for February 15, 2023
30-Year Fixed Mortgage Interest Rates
Borrowers will pay more in interest this week as the average rate on a 30-year fixed-rate mortgage is 6.77% compared to a rate of 6.60% a week ago. The highest rate over the past 52 weeks was 6.87%.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.79%. The APR was 6.61% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.77%, you will pay about $650 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $133,974 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.08%, up 0.25% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.83%.
The APR on a 15-year fixed is 6.11%. It was 5.85% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.08% will cost $848 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $52,673 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.82%— 0.17% up from last week. The 30-year jumbo mortgage rate had a 52-week high of 6.93%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.82% will cost you $653 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,904.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.45%, up 0.06% from a week earlier. In the past 52 weeks, the highest 5/1 ARM rate was 5.51%.
Borrowers with the current rate of 5.45% will spend $565 on principal and interest per month on a $100,000 loan.
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?
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:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
