Today’s current average mortgage rate on a 30-year fixed mortgage is 7.29%,

down 0.27 percentage points from the previous week.

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Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they often have a lower rate than that of a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 6.30%. However, you’ll have higher monthly payments since you’re paying off your mortgage in 15 years instead of 30.

If you want to refinance your existing mortgage, check out the latest mortgage refinance rates.

30-Year Mortgage Rates

Borrowers paid an average rate of 7.29% on a 30-year mortgage. This was down from the previous week’s rate of 7.56%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.19%. This is lower than last week when the APR was 7.49%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.29% will cost you about $685 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $146,488 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year mortgage (fixed-rate) is 6.36%, down 0.40 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.76%.

The APR on a 15-year fixed is 6.30%. It was 6.71% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.36% will cost $863 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $55,388 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage fell 0.28 point from last week to 7.27%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.27% will pay approximately $684 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,127.

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Full Article found on Forbes Advisor: https://www.forbes.com/advisor/mortgages/mortgage-rates-12-19-23/

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