Mortgage Interest Rates Today: December 5, 2022—Rates Fall

Mortgage Interest Rates Today: December 5, 2022—rates Fall

Today, the average rate on a 30-year fixed mortgage is 6.59%, according to, while the average rate on a 15-year mortgage is 5.94%. On a 30-year jumbo mortgage, the average rate is 6.61%, and the average rate on a 5/1 ARM is 5.44%.

Related: Compare Current Mortgage Rates

Mortgage Rates for December 5, 2022

30-Year Fixed Mortgage Interest Rates

Today’s 30-year-fixed rate mortgage–the most popular mortgage product–is 6.59%, down 0.28% from a week earlier. Over the past 52 weeks, the lowest rate was 6.46% and the highest was 7.41%.

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 6.61%. Last week, the APR was 6.88%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.59%, your monthly payment will be about $638, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $129,679 in total interest over the life of the loan.

15-Year Mortgage Interest Rates

Today’s 15-year, fixed-rate mortgage is 5.94%, down 0.20% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.14%. Today’s rate is higher than the 52-week low of 5.75%.

The APR on a 15-year fixed is 5.96%. It was 6.17% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.94% will cost $841 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $51,311 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 6.61%— 0.27% down from last week. The 30-year jumbo mortgage rate had a 52-week low of 6.44% and a 52-week high of 7.44%.

A 30-year jumbo mortgage at today’s fixed interest rate of 6.61% will cost you $639 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,800.

5/1 Adjustable-Rate Mortgage Rates

Today’s average interest rate on a 5/1 ARM is 5.44%, . In the past 52 weeks, the lowest 5/1 ARM rate was 4.94% and the high was 5.60%.

Borrowers with the current rate of 5.44% will spend $564 on principal and interest per month on a $100,000 loan.

Where Are Mortgage Rates Headed This Year?

During the first part of 2022, rates for home loans skyrocketed and currently sit at about 6.59% for the popular 30-year fixed-rate mortgage. Experts are divided on whether they’ll continue to soar—some forecasts put the year-end average at nearly 7%—or stay flat from here. If you’re in the market for a mortgage, you should check rates frequently, and always comparison shop for lenders.

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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