Today’s Mortgage Rates: June 3, 2022—Mortgage Rates Increase

30-year fixed mortgage rates rose today.

The average rate on a 30-year fixed mortgage is 5.55%, with an APR of 5.56%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.73% with an APR of 4.75%. On a 30-year jumbo mortgage, the average rate is 5.46%, with an APR of 5.47%. The average rate on a 5/1 ARM is 3.90% with an APR of 4.86%.

Loan term Rate Change Rate last week
30-Year Mortgage Rate 5.55% +0.20% 5.35%
15-Year Fixed Rate 4.73% +0.06% 4.67%
30-Year Jumbo Mortgage Rate 5.46% +0.20% 5.26%
5/1 ARM Rate 3.90% -0.01% 3.91%
Source: Bankrate.com

30-Year Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage increased to 5.55%. This time last week, the 30-year fixed was 5.35%. The 52-week high is 5.64%.

The 30-year fixed mortgage APR is 5.56%. At this time last week, it was 5.36%. Here’s why APR is important.

At today’s interest rate of 5.55%, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $571 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be approximately $105,535.

15-Year Mortgage Interest Rates

Today, the 15-year fixed mortgage rate is 4.73%, higher than yesterday. Last week, it was 4.67%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 4.75%. Last week it was 4.69%.

With an interest rate of 4.73%, you would pay$ $777 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $39,824 in total interest.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate sits at 5.46%, higher than it was at this time last week. The average rate was 5.26% at this time last week. 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 5.46% will pay $565 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 $4,240, and you’d pay approximately $776,261 in total interest over the life of the loan.

5/1 ARM Rates

The average interest rate on a 5/1 ARM is 3.90%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.91%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.90% will pay $472 per month in principal and interest.

Calculating Mortgage Payments

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky to figure out how much you can afford and what you’re paying for.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

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

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • 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

Why APR Is Important

Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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