The current average rate on a 30-year fixed mortgage is 7.22%, compared to 7.10% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.38%, up 0.12% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.22%. This was up from the previous week’s rate of 7.10%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.23%. This is higher than last week when the APR was 7.11%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.22% will cost you about $680, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $144,851 in total interest over the life of the loan.