Here Are Today’s Mortgage Rates: October 27, 2022—Rates Decline

Here Are Today’s Mortgage Rates: October 27, 2022—rates Decline
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Today, the average rate on a 30-year fixed mortgage is 7.20%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.46%. The average rate on a 30-year jumbo mortgage is 7.21%, and the average rate on a 5/1 ARM is 5.53%.

Related: Compare Current Mortgage Rates

Mortgage Rates for October 27, 2022

30-Year Mortgage Rates

Today’s 30-year-fixed rate mortgage–the most popular mortgage product–is 7.20%, down 0.05% from a week earlier. Over the past 52 weeks, the lowest rate was 5.50% and the highest was 7.38%.

The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 7.21%. Last week, the APR was 7.26%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.20%, your monthly payment will be about $679, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $144,364 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.46%, up 0.01% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.47%. Today’s rate is higher than the 52-week low of 4.94%.

The APR on a 15-year fixed is 6.50%. It was 6.51% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.46% will cost $869 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,404 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 7.21%, the same as last week. That’s 1.70% higher than the 52-week low of 5.51%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.21% will pay approximately $679 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,101.

5/1 ARM Interest Rates

Today’s average interest rate on a 5/1 ARM is 5.53%, up 0.11% from a week earlier. In the past 52 weeks, the lowest 5/1 ARM rate was 4.24% and the high was 5.53%.

Borrowers with the current rate of 5.53% will spend $570 on principal and interest per month on a $100,000 loan.

How to Calculate Mortgage Payments

To get an estimate of your mortgage costs, using a mortgage calculator can help.

Simply input the following information:

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

  • Income
  • Debt
  • Debt-to-income ratio (DTI)
  • Down payment
  • Credit score

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