Mortgage Interest Rates Today: June 4, 2022—Mortgage Rates Cool Off

Current Mortgage Rates for June 4, 2022

30-year fixed mortgage rates decreased today.

The average rate on a 30-year fixed mortgage is 5.43%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.65%. The average rate on a 30-year jumbo mortgage is 5.37%, and the average rate on a 5/1 ARM is 3.89%.

Loan term Rate Change Rate last week
30-Year Mortgage Rate 5.43% +0.16% 5.27%
15-Year Fixed Rate 4.65% +0.05% 4.60%
30-Year Jumbo Mortgage Rate 5.37% +0.17% 5.20%
5/1 ARM Rate 3.89% -0.01% 3.90%
Source: Bankrate.com

30-Year Fixed-Rate Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage fell to 5.43% from 5.55% yesterday. Last week, the 30-year fixed was 5.27%. The 52-week high is 5.64%.

The APR on a 30-year fixed is 5.44%. This time last week, it was 5.28%. APR is the all-in cost of your loan.

At an interest rate of 5.43%, a 30-year fixed mortgage would cost $563 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay around $102,826 in total interest over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

Today, the 15-year fixed mortgage rate sits at 4.65%, lower than it was at this time yesterday. Last week, it was 4.60%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed is 4.68%. This time last week, it was 4.63%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 4.65% will cost $773 per month in principal and interest. Over the life of the loan, you would pay $39,083 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 5.37%. Last week, the average rate was 5.20%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.37% will pay $560 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 $4,197, and you’d pay approximately $761,081 in total interest over the life of the loan.

5/1 ARM Interest Rates

The average interest rate on a 5/1 ARM is 3.89%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.90%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.89% will pay $471 per month in principal and interest.

Calculate Your Mortgage Payment

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits into your budget.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.

To calculate your monthly mortgage payment, here’s what you’ll need:

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

Saving Up for a House

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

  • Down payment
  • Inspection and appraisal
  • Closing costs
  • Ongoing costs
  • Home furnishings
  • Repairs and renovations

What’s an APR and Why Is It Important?

The APR, or annual percentage rate, is the all-in cost of your loan. It includes your loan’s interest and finance charges, accounting for interest, fees and time.

APR is important because it can help you understand the complete cost of your home loan if you decide to keep it for the entire term.

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