Mortgage rates were mixed today, but one key rate rose. The average for a 30-year fixed-rate mortgage increased, but the average rate on a 15-year fixed slid down. Meanwhile, the average rate on 5/1 ARMs ticked downward.
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30-year fixed mortgages
The average 30-year fixed mortgage rate is 4.02 percent, up 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.51 percent.
At the current average rate, you'll pay $478.57 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $1.73 higher.
You can use Bankrate's mortgage calculator to get a handle on what your monthly payments would be and find out how much you'll save by adding extra payments. It will also help you calculate how much interest you'll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed mortgage rate is 3.16 percent, down 2 basis points
over the last 7 days.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $698 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
5/1 adjustable-rate mortgages
The average rate on a 5/1 ARM is 3.31 percent, ticking down 9 basis points from a week ago.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.31 percent would cost about $439 for each $100,000 borrowed over the initial 5 years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.
Where rates are headed
To see where Bankrate's panel of experts expect rates to go from here, check out our Rate Trend Index.
RATE SEARCH: Want to see where rates are right now? See local mortgage rates.
| Product | Rate | Change | Last week |
|---|---|---|---|
| 30-year fixed | 4.02% | 0.03 | 3.99% |
| 15-year fixed | 3.16% | 0.02 | 3.18% |
| 30-year fixed jumbo | 4.51% | 0.03 | 4.48% |
| 30-year fixed refinance | 4.06% | 0.05 | 4.01% |
