Today’s Mortgage Rates: October 18, 2022—Mortgage Rates Rose
The current average rate on a 30-year fixed mortgage is 7.22%, compared to 7.10% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.38%, up 0.12% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for October 18, 2022
30-Year Fixed Mortgage Rates
Borrowers paid an average rate on a 30-year fixed-rate mortgage of 7.22%. This was up from the previous week’s rate of 7.10%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.23%. This is higher than last week when the APR was 7.11%. 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 7.22% will cost you about $680, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $144,851 in total interest over the life of the loan.
15-Year Mortgage Rates
The average interest rate on the 15-year fixed mortgage is 6.38%. This same time last week, the 15-year fixed-rate mortgage was at 6.26%. Today’s rate is higher than the 52-week low of 4.76%.
The APR on a 15-year fixed is 6.42%. It was 6.29% this time last week.
With an interest rate of 6.38%, you would pay $865 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $55,614 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 7.23%. Last week, the average rate was 7.13%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.27% and as low as 5.41%.
If you lock in today’s rate of 7.13% on a 30-year, fixed-rate jumbo mortgage, you will pay $681 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,106, and you’d pay around $1,088,215 in total interest over the life of the loan.
5/1 ARM Rates
The average interest rate on a 5/1 ARM sits at 5.41%, higher than the 52-week low of 4.19%. Last week, the average rate was 5.35%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.41% will pay $562 per month in principal and interest.
How Much House Can I Afford?
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:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.
The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.
