Current mortgage rates 30 Yr fixed
Several closely watched mortgage rates inched up today. The average rates on 30-year fixed and 15-year fixed mortgages both increased. On the variable-mortgage side, the average rate on 5/1 ARMs were down.
Rates for mortgages are constantly changing, but they remain low by historical standards. If you're in the market for a mortgage, it may make sense to lock if you see a rate you like. Just don't do so without shopping around first.
30-year fixed mortgages
The average 30-year-fixed mortgage rate is 3.57 percent, up 7 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.34 percent.
At the current average rate, you'll pay a combined $452.96 per month in principal and interest for every $100, 000 you borrow. That's an additional $3.92 per $100, 000 compared to last week.
You can use Bankrate's mortgage calculator to estimate your monthly payments and see how much you'll save by adding extra payments. It will also help you calculate how much interest you'll pay over the life of the loan.
The average 15-year fixed mortgage rate is 2.87 percent, up 13 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $684 per $100, 000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead 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 3.03 percent, falling 23 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 3.03 percent would cost about $423 for each $100, 000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.