Currently, the average rate on a 30-year fixed mortgage is 6.48%, compared to 6.56% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.67%, up 0.04% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for January 30, 2023
30-Year Fixed Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.48%, which is 0.08% lower than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.49%. The APR was 6.57% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.48% on a $100,000 loan will cost $631 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $127,071.
15-Year Mortgage Interest Rates
Today, the 15-year fixed mortgage rate is 5.67%, higher than it was one day ago. Last week, it was 5.63%.
On a 15-year fixed, the APR is 5.69%. Last week it was 5.65%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.67% will cost $826 per month in principal and interest. Over the life of the loan, you would pay $48,704 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.52%. Last week, the average rate was 6.60%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.00%.
If you lock in today’s rate of 6.60% on a 30-year, fixed-rate jumbo mortgage, you will pay $633 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,755, and you’d pay around $960,137 in total interest over the life of the loan.
5/1 ARM Rates
Today’s average interest rate on a 5/1 ARM is 5.37%, up 0.04% from a week earlier.
Borrowers with the current rate of 5.37% will spend $560 on principal and interest per month on a $100,000 loan.
How Much House Can I Afford?
Buying a house is a huge purchase and can put a big dent in your savings. Before you start looking, it’s important to figure out both what you can afford and you’re willing to spend.
Not only do you want to consider your income and debt, but you also want to factor in emergency savings and any long-term financial goals such as retirement or college.
These are some basic financial factors that go into home affordability:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
More From Advisor
- What Is A Mortgage Note?
- How Much Equity Can I Borrow From My Home?
- Current Mortgage Interest Rates: January 27, 2023—Rates Trend Higher
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
