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Several benchmark mortgage rates increased today. The average rates on 30-year fixed and 15-year fixed mortgages both saw an increase. On the variable-mortgage side, the average rate on 5/1 ARMs also increased.
RATE SEARCH: Compare mortgage rates in your area now.
30-year fixed mortgages
The average 30-year fixed mortgage rate is 3.96 percent, up 19 basis points over the last 7 days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.34 percent.
At the current average rate, you’ll pay a combined $475.11 per month in principal and interest for every $100,000 you borrow. That’s $10.86 higher compared to last week.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed mortgage rate is 3.09 percent, up 11 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $695 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
5/1 adjustable-rate mortgages
The average rate on a 5/1 ARM is 3.28 percent, rising 16 basis points over the last 7 days.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.28 percent would cost about $437 for each $100,000 borrowed over the initial 5 years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.
RATE SEARCH: Want to see where rates are right now? See local mortgage rates.
| Product | Rate | Change | Last week |
|---|---|---|---|
| 30-year fixed | 3.96% | 0.19 | 3.77% |
| 15-year fixed | 3.09% | 0.11 | 2.98% |
| 30-year fixed jumbo | 4.48% | 0.14 | 4.34% |
| 30-year fixed refinance | 4.03% | 0.18 | 3.85% |
Mortgage rates move up for Monday - Bankrate.com - Bankrate.com
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