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Today’s Mortgage Rates: June 15, 2021—Mortgage Rates Jump Up
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Today’s Mortgage Rates: June 15, 2021—Mortgage Rates Jump Up

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For anyone in the market to buy or refinance a home, it’s a good time to lock in a low rate. Mortgage rates rose today, but rates overall are at historical lows.

As of today, the average rate on a 30-year fixed mortgage is 3.11% with an APR of 3.29%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.39% with an APR of 2.68%. On a 30-year jumbo mortgage, the average rate is 3.08% with an APR of 3.20%. The average rate on a 5/1 ARM is 3.20% with an APR of 3.84%.

Loan TermRateChangeRate Last Week
30-year fixed3.11%0.02%3.09%
15-year fixed2.39%0.01%2.38%
30-year jumbo3.08%0.00%3.08%
5/1 ARM3.20%-0.04%3.24%
Source: Bankrate.com

30-year Fixed-rate Mortgages

The average rate rose on a 30-year fixed mortgage, inching up to 3.11% from 3.10% yesterday. The 52-week low is 2.83%.

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 an interest rate of 3.11%, a 30-year fixed mortgage would cost $428 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be about $53,922.

15-year Fixed-rate Mortgages

Today, the 15-year fixed mortgage rate is 2.39%, higher 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 2.66%.

At today’s interest rate of 2.39%, a 15-year fixed-rate mortgage would cost approximately $662 per month in principal and interest per $100,000. You would pay around $19,092 in total interest over the life of the loan.

Jumbo Mortgages

The average interest rate on the 30-year fixed-rate jumbo mortgage is 3.08%. 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 3.08% 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 $3,194, and you’d pay around $400,013 in total interest over the life of the loan.

5/1 ARMs

The average interest rate on a 5/1 ARM sits at 3.20%, higher than the 52-week low of 2.85%. Last week, the average rate was 3.24%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.20% will pay $432 per month in principal and interest.

How to Calculate Mortgage Payments

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky to figure out how much you can afford and what you’re paying for.

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.

Here’s what you’ll need in order to calculate your monthly mortgage payment:

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

How Much to Save for a House

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

  • Down payment
  • Inspection and appraisal
  • Closing costs
  • Ongoing costs
  • Home furnishings
  • Repairs and renovations

How Do I Get Preapproved for a Mortgage?

Getting preapproved for a mortgage can help you during the homebuying process. Mortgage preapproval represents a lender’s offer to loan you money. It can help you appear more attractive to sellers.

To get preapproved for a mortgage, start by gathering documents. You’ll need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns and any other documents your lender requires.

The lender you select will guide you through the preapproval process.

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