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Published: Nov 8, 2021, 7:47am
Mortgage rates stayed flat today. If you’re looking to buy or refinance a home, you still have a chance to pick up a historically low rate.
Today, the average rate on a 30-year fixed mortgage is 3.19%, according to Bankrate.com, while the average rate on a 15-year mortgage is 2.49%. On a 30-year jumbo mortgage, the average rate is 3.16%, and the average rate on a 5/1 ARM is 2.74%.
Related: Compare Current Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage remained at 3.19%. Last week, the 30-year fixed was 3.20%. The 52-week low is 2.83%.
On a 30-year fixed mortgage, the APR is 3.34%,  than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $432 per month in principal and interest (taxes and fees not included) at today’s interest rate of 3.19%. The total interest paid over the life of the loan will be around $55,491.
The average interest rate on the 15-year fixed mortgage sits at 2.49%. This same time last week, the 15-year fixed-rate mortgage was at 2.49%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 2.72%. This time last week, it was 2.72%.
At today’s interest rate of 2.49%, a 15-year fixed-rate mortgage would cost approximately $666 per month in principal and interest per $100,000. You would pay around $19,937 in total interest over the life of the loan.
On a 30-year jumbo, the average interest rate sits at 3.16%, lower than it was at this time last week. The average rate was 3.17% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.16% will pay $430 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,227, and you’d pay approximately $411,762 in total interest over the life of the loan.
The average interest rate on a 5/1 ARM sits at 2.74%, higher than the 52-week low of 2.83%. Last week, the average rate was 2.76%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.74% will pay $408 per month in principal and interest.
For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be difficult to figure out how much you can afford and what you’re paying for.
You can use a mortgage calculator to estimate your monthly mortgage payment based on factors including your interest rate, purchase price and down payment.
To calculate your monthly mortgage payment, here’s what you’ll need:
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:
Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.
APR is important because it can help you understand the full cost of your home loan if you decide to keep it for the entire term.
Mitch Strohm is the Assistant Assigning Editor for Banking and Personal Finance. He has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, Investopedia, Interest, PrimeRates and FlexJobs.

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