Current 5 Year Mortgage Rates
Multiple benchmark mortgage rates advanced today. The average rates on 30-year fixed and 15-year fixed mortgages both rose. The average rate on 5/1 ARMs, meanwhile, also climbed.
Mortgage rates are in a constant state of flux, but, overall, they are very low by historical standards. If you're in the market for a mortgage, it could make sense to lock if you see a rate you like. Just make sure you shop around first.
30-year fixed mortgages
The average 30-year-fixed mortgage rate is 3.50%, up 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.40%.
At the current average rate, you'll pay $449.04 per month in principal and interest for every $100, 000 you borrow. That's an extra $1.67 compared to last week.
You can use Bankrate's mortgage calculator to get a handle on what your monthly payments would be and see what the effects of making extra payments would be. It will also help you calculate how much interest you'll pay over the life of the loan.
15-year fixed mortgages
The average 15-year-fixed mortgage rate is 2.74%, up 3 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $678 per $100, 000 borrowed. That's clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.
5/1 adjustable-rate mortgages
The average rate on a 5/1 ARM is 3.26%, climbing 26 basis points over the last week.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.26% would cost about $436 for each $100, 000 borrowed over the initial 5 years, but could ratchet higher by hundreds of dollars afterward, depending on the loan's terms.
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