Current National Mortgage Rates: October 24, 2022—Rates Rise Again
The average rate on a 30-year fixed mortgage jumped by 0.02% in the last week to 7.26%.
Meanwhile, the average rate on a 15-year fixed mortgage climbed 0.02% during the same period to 6.49%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 24, 2022
30-Year Fixed Mortgage Rates
Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.26%. This was up from the previous week’s rate of 7.24%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.27%. This is higher than last week when the APR was 7.26%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.26% will cost you about $683, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $145,828 in total interest over the life of the loan.
15-Year Mortgage Rates
Today, the 15-year fixed mortgage rate is 6.49%, lower than it was one day ago. Last week, it was 6.47%. Today’s rate is higher than the 52-week low of 4.92%.
The APR on a 15-year fixed is 6.53%. It was 6.51% this time last week.
At today’s interest rate of 6.49%, a 15-year fixed-rate mortgage would cost approximately $871 per month in principal and interest per $100,000. You would pay around $56,700 in total interest over the life of the loan.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.28%— 0.01% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.46% and a 52-week high of 7.43%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.28% will cost you $684 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,137.
5/1 Adjustable-Rate Mortgage Rates
Currently, the average interest rate on a 5/1 ARM is 5.46%, up from the 52-week low of 4.21%. Last week, the average rate was 5.38%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.46% will spend $565 per month in principal and interest.
Where Are Mortgage Rates Headed This Year?
Rates for home loans have soared this year, rising from 3.22% in early January to 7.26% this week for the most popular 30-year, fixed-rate mortgage. What happens next is anyone’s guess: a Forbes Advisor survey of experts predicts the year-end average anywhere from 5% to nearly 7%. If you are seeking a mortgage right now, consult multiple lenders and lock in a rate as soon as a competitive offer comes along.
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
