Today’s Mortgage Rates: October 20, 2022—Rates Hit Another High

Today’s Mortgage Rates: October 20, 2022—rates Hit Another High
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The average rate on a 30-year fixed mortgage is 7.25%, according to Bankrate.com, while the average rate on a 15-year mortgage is 6.47%. On a 30-year jumbo mortgage, the average rate is 7.25%, and the average rate on a 5/1 ARM is 5.42%.

Related: Compare Current Mortgage Rates

Mortgage Rates for October 20, 2022

30-Year Fixed Mortgage Rates

Borrowers will pay more in interest this week as the average rate on a 30-year fixed-rate mortgage is 7.25% compared to a rate of 7.13% a week ago. The lowest rate was 5.46% over the past 52 weeks and the highest was 7.25% 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 7.26%. The APR was 7.14% last week.

If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.25%, you will pay about $682 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $145,583 in total interest over the life of the loan.

15-Year Fixed Mortgage Rates

Today’s 15-year, fixed-rate mortgage is 6.47%, up 0.17% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.30%. Today’s rate is higher than the 52-week low of 4.87%.

The APR on a 15-year fixed is 6.51%. It was 6.34% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.47% 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 $56,503 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.25%— 0.09% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.46% and a 52-week high of 7.27%.

A 30-year jumbo mortgage at today’s fixed interest rate of 7.25% will cost you $682 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,121.

5/1 ARM Rates

The average interest rate on a 5/1 ARM sits at 5.42%, higher than the 52-week low of 4.20%. Last week, the average rate was 5.37%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.42% will pay $563 per month in principal and interest.

How to Calculate Mortgage Payments

One of the first steps in buying a house is budgeting. To get a rough idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.

Just input the following data to get an idea of how much a house will cost:

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

How Much House Can I Afford?

Everyone’s budget and financial goals vary. How much house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.

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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