Today, the current average mortgage rate on a 30-year fixed mortgage is 7.06%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 6.54%. The average rate on a 30-year jumbo mortgage is 7.08%, and the average rate on a 5/1 ARM is 6.00%.

Current Mortgage Rates for June 2, 2023

 

 

 

Loan termRateChangeRate last week

30-Year Mortgage Rate7.06%-0.02%7.26%

15-Year Fixed Rate6.54%-0.10%6.64%

30-Year Jumbo Mortgage Rate7.08%-0.23%7.31%

5/1 ARM Rate6.00%+0.04%5.96%

Source: Bankrate.com

30-Year Mortgage Rates

Borrowers paid an average rate on a 30-year mortgage of 7.06%. This was down from the previous week’s rate of 7.26%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.08%. This is lower than last week when the APR was 7.28%. 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 7.06% will cost you about $669, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $140,961 in total interest over the life of the loan.

15-Year Mortgage Rates

Today, the 15-year mortgage rate is 6.54%, lower than it was at this time yesterday. Last week, it was 6.64%. Today’s rate is higher than the 52-week low of 4.62%.

The APR on a 15-year fixed is 6.58%. It was 6.66% this time last week.

With an interest rate of 6.54%, you would pay $873 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $57,195 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 7.08%. Last week, the average rate was 7.31%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 5.19%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.08% will pay $671 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 $5,035, and you’d pay roughly $1,060,847 in total interest over the life of the loan.

5/1 ARM Interest Rates

Today’s average interest rate on a 5/1 ARM is 6.00%. The 52-week low was 3.90% compared to a 52-week high of 6.03%.

If you lock in today’s 5/1 ARM interest rate of 6.00% on a $100,000 loan, your monthly payments (including principal and interest) will be $600.

Related: When a 5/1 ARM Is The Best Choice For You

VA Mortgage Rates

Today’s current VA mortgage rate is 6.48% compared to a week ago when it was 6.65%. The 52-week high was 6.74% compared to a low of 5.91% in that same period.