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Today’s average rate on a 30-year fixed mortgage is 6.86%, down 0.13% from the previous week.
Borrowers may be able to save on interest charges by switching to a 15-year fixed rate mortgage, as they generally have a lower rate than a 30-year fixed rate mortgage. The average rate for a 15-year fixed mortgage is 6.27%. But keep in mind that you will have higher monthly payments since you repay your loan in half the time (15 years versus 30 years).
If you want to refinance your existing mortgage, check out the latest mortgage refinance rate.
Related: Compare current mortgage rates
Mortgage rates as of April 26, 2023
30-year fixed mortgage interest rate
Today, the average rate for a 30-year fixed rate mortgage is 6.86%, down from 6.99% last week. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 7.41%.
The annual percentage rate of charge (APR) on a 30-year fixed rate mortgage is 6.87%. The APR was 7.01% last week. APR is the overall cost of your loan.
With a current interest rate of 6.86%, a $100,000 30-year fixed mortgage costs about $656 per month in principal and interest (taxes and fees not included), the Forbes adviser mortgage calculator show. Borrowers will pay approximately $136,134 in total interest over the life of the loan.
15-year fixed mortgage rates
Today’s 15-year fixed rate mortgage is 6.27%, the same as the week before. Today’s rate is above the 52-week low of 4.60%.
The APR on a 15-year fixed is 6.30%. It was 6.31% a week earlier.
A 15-year fixed rate mortgage with a current interest rate of 6.27% will cost $859 per month in principal and interest on a $100,000 mortgage (excluding taxes and insurance). In this scenario, borrowers would pay approximately $54,532 in total interest.
Giant Mortgage Rates
On a 30-year jumbo, the average interest rate is 6.89%, lower than it was on the same date last week. The average rate was 7.11% at the same time last week. The 30-year fixed rate on a jumbo mortgage is currently above the 52-week low of 5.19%.
Borrowers with a 30-year fixed-rate jumbo mortgage with a current interest rate of 6.89% will pay $658 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $4,940, and you would pay approximately $1,026,415 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Rates
The average interest rate on a ARM 5/1 sits at 5.75%, above the 52-week low of 3.66%. Last week, the average rate was 5.69%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 5.75% will pay $584 per month in principal and interest.
How many houses can I afford?
Buying a home is a huge purchase and can significantly reduce your savings. Before you start looking, it’s important to figure out both what you can afford and what you’re willing to spend.
Not only do you want to consider your income and debt, but you also want to consider emergency savings and any long-term financial goals like retirement or college.
Here are some basic financial factors that go into home affordability:
- Income
- Debt
- Debt ratio (DTI)
- Deposit
- Credit score
What is an APR and why is it important?
The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the full term of the loan. This is important because it can give buyers a more complete picture of the total costs, not just the interest rate.
Comparing APR between lenders is a better way to see overall costs, as it will show you everything from interest rates to fees.