Currently, the average rate on a 30-year fixed mortgage is 6.92%, compared to 6.73% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.17%, up 0.16% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for February 20, 2023
30-Year Fixed Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 6.92%, compared to last week when it was 6.73%. Over the last 52 weeks, the highest rate was 6.92%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.94%. The APR was 6.74% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.92%, a 30-year fixed mortgage of $100,000 costs approximately $660 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $137,578 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.17%, up 0.16% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.01%.
The APR on a 15-year fixed is 6.20%. It was 6.03% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.17% will cost $853 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $53,552 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.95%” 0.17% up from last week. The 30-year jumbo mortgage rate had a 52-week high of 6.95%.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.95% will cost you $662 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,965.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.50%, up 0.07% from a week earlier. In the past 52 weeks, the highest 5/1 ARM rate was 5.51%.
Borrowers with the current rate of 5.50% will spend $568 on principal and interest per month on a $100,000 loan.
How to Calculate Mortgage Payments
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be tricky to understand what you’re paying for”and what you can truly afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need in order to calculate your monthly mortgage payment:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees