Current Mortgage Interest Rates: October 14, 2022—Rates Reach A 52-Week High

Current Mortgage Interest Rates: October 14, 2022—rates Reach A 52 Week High
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The current average rate on a 30-year fixed mortgage is 7.21%, compared to 6.98% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.42%, up 0.28% from the previous week.

If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.

Related: Compare Current Mortgage Rates

Mortgage Rates for October 14, 2022

30-Year Fixed-Rate Mortgage Rates

Today’s average rate on a 30-year, fixed-rate mortgage is 7.21%, which is 0.23% higher than last week. In a 52-week span, the lowest rate was 5.26% while the highest was 7.21%.

The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.23%. The APR was 7.00% last week.

To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.21% on a $100,000 loan will cost $679 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $144,608.

15-Year Mortgage Interest Rates

Today’s 15-year, fixed-rate mortgage is 6.42%, up 0.28% 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 4.62%.

The APR on a 15-year fixed is 6.45%. It was 6.18% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.42% will cost $867 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $56,009 in total interest.

Jumbo Mortgage Rates

The current average interest rate on a 30-year fixed-rate jumbo mortgage is 7.25%. Last week, the average rate was 7.01%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.25% and as low as 5.19%.

If you lock in today’s rate of 7.01% on a 30-year, fixed-rate jumbo mortgage, you will pay $682 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 $5,121, and you’d pay around $1,091,876 in total interest over the life of the loan.

5/1 ARM Rates

On a 5/1 ARM, the average rate moved up to 5.38% from 5.37% yesterday. The average rate was 5.35% last week. Today’s rate is currently the 52-week high.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.38% will pay $560 per month in principal and interest.

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

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

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