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Today’s Mortgage Rates: June 14, 2021—No Movement On Mortgage Rates
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Today’s Mortgage Rates: June 14, 2021—No Movement On Mortgage Rates

For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates remained unchanged today, keeping rates at historical lows.

Today, the average rate on a 30-year fixed mortgage is 3.10%, according to Bankrate.com, while the average rate on a 15-year mortgage is 2.38%. On a 30-year jumbo mortgage, the average rate is 3.09%, and the average rate on a 5/1 ARM is 3.24%.

Loan TermRateChangeRate Last Week
30-year fixed3.10%0.01%3.09%
15-year fixed2.38%0.00%2.38%
30-year jumbo3.09%0.01%3.08%
5/1 ARM3.24%0.00%3.24%
Source: Bankrate.com

30-year Fixed-rate Mortgages

The average rate for the benchmark 30-year fixed-rate mortgage remained at 3.10%. This time last week, the 30-year fixed was 3.09%. Today’s rate is lower than the 52-week high of 3.40%.

The 30-year fixed mortgage APR is 3.29%. At this time last week, it was 3.26%. Here’s why APR is important.

At today’s interest rate of 3.10%, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $427 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be approximately $53,726.

15-year Fixed-rate Mortgages

Today, the 15-year fixed mortgage rate is 2.38%, lower than it was one day ago. Last week, it was 2.38%. Today’s rate is higher than the 52-week low of 2.32%.

The APR on a 15-year fixed is 2.68%. This time last week, it was 2.65%.

With an interest rate of 2.38%, you would pay $661 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $19,008 in total interest.

Jumbo Mortgages

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 3.09%. Last week, the average rate was 3.08%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.09% will pay $426 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,199, and you’d pay roughly $401,478 in total interest over the life of the loan.

5/1 ARMs

On a 5/1 ARM, the average rate stayed at 3.24%. The average rate was 3.24% last week. Today’s rate is currently lower than the 52-week high of 3.32.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.24% will pay $435 per month in principal and interest.

Calculate Your Mortgage Payment

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits into your budget.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

Gather these data points to calculate your monthly mortgage payment:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • HOA fees

What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

What’s an APR and Why Is It Important?

Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.

Since APR includes both the interest rate and certain fees associated with a home loan, APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.

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