Current National Mortgage Rates: October 12, 2022—Rates Hit Another High

Current National Mortgage Rates: October 12, 2022—rates Hit Another High
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Today, the average rate on a 30-year fixed mortgage is 7.12%, according to Bankrate.com, while the average rate on a 15-year mortgage is 6.33%. On a 30-year jumbo mortgage, the average rate is 7.15%, and the average rate on a 5/1 ARM is 5.36%.

Related: Compare Current Mortgage Rates

Mortgage Rates for October 12, 2022

30-Year Mortgage Rates

Borrowers will pay more in interest this week as the average rate on a 30-year fixed-rate mortgage is 7.12% compared to a rate of 6.86% a week ago. The lowest rate was 5.26% over the past 52 weeks and the highest was 7.12% in the same period.

The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.13%. The APR was 6.87% last week.

If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.12%, you will pay about $673 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $142,417 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.33%, up 0.33% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.00%. Today’s rate is higher than the 52-week low of 4.62%.

The APR on a 15-year fixed is 6.37%. It was 6.03% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.33% will cost $862 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $55,122 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.30% from last week to 7.15%. That’s 1.96% higher than the 52-week low of 5.19%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.15% will pay approximately $675 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,071.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate rose to 5.36% from 5.35% yesterday. The average rate was 5.33% last week. Today’s rate is currently the 52-week high.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.36% will pay $559 per month in principal and interest.

Where Are Mortgage Rates Headed This Year?

In the first two quarters of 2022, rates for home loans rose and currently sit at about 7.12% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to soar—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.

What’s an APR, and Why Is It Important?

The APR, or annual percentage rate, includes the mortgage interest rate and lender fees over the life of the loan. This is an important figure because it gives borrowers a better snapshot of what they will pay for a mortgage as it shows the total cost of a mortgage if you keep it for the entire term.

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