Mortgage Interest Rates Today: October 19, 2022—Mortgage Rates Rose
The current average rate on a 30-year fixed mortgage is 7.20%, compared to 7.12% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.40%, up 0.07% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 19, 2022
30-Year Fixed Mortgage Rates
Today, the average rate on a 30-year, fixed-rate mortgage is 7.20%, compared to last week when it was 7.12%. Over the last 52 weeks, the lowest rate was 5.43% and the high was 7.24%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.21%. The APR was 7.13% last week. APR is the all-in cost of your loan.
With today’s interest rate of 7.20%, a 30-year fixed mortgage of $100,000 costs approximately $679 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $144,364 in total interest over the life of the loan.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate is 6.40%, higher than it was at this time yesterday. Last week, it was 6.33%. Today’s rate is higher than the 52-week low of 4.76%.
The APR on a 15-year fixed is 6.44%. It was 6.37% this time last week.
With an interest rate of 6.40%, you would pay $866 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $55,811 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.21%— 0.06% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.41% and a 52-week high of 7.27%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.21% will cost you $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 $5,096.
5/1 ARM Interest Rates
The current average interest rate on a 5/1 ARM is 5.45%. The 52-week low was 4.20% compared to a 52-week high of 5.45%.
If you lock in today’s 5/1 ARM interest rate of 5.45% on a $100,000 loan, your monthly payments (including principal and interest) will be $565.
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
What’s an APR, and Why Is It Important?
The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.
Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.