The current average mortgage rate on a 30-year fixed mortgage is 7.10%, compared to 6.99% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.33%, up 0.05% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Current Mortgage Rates for May 18, 2023
30-Year Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 7.10%, which is 0.11% higher than last week. In a 52-week span, the lowest rate was 5.26% while the highest was 7.41%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.11%. The APR was 7.01% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.10% on a $100,000 loan will cost $672 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 $141,932.
15-Year Mortgage Rates
Today’s 15-year mortgage (fixed-rate) is 6.33%, up 0.05% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.28%. Today’s rate is higher than the 52-week low of 4.60%.
The APR on a 15-year fixed is 6.36%. It was 6.31% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.33% will cost $862 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $55,122 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.19%— 0.14% up from last week. The 30-year jumbo mortgage rate had a 52-week low of 5.19% and a 52-week high of 7.44%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.19% will cost you $678 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,091.
5/1 ARM Rates
Today’s average interest rate on a 5/1 ARM is 5.77%. The 52-week low was 3.89% compared to a 52-week high of 5.82%.
If you lock in today’s 5/1 ARM interest rate of 5.77% on a $100,000 loan, your monthly payments (including principal and interest) will be $585.
Related: When a 5/1 ARM Is The Best Choice For You
VA Mortgage Rates
Today’s current VA mortgage rate is % compared to a week ago when it was %. The 52-week high was % compared to a low of % in that same period.
What Affects Mortgage Rates?
The Federal Reserve’s restrictive monetary policy—including its interest rate hikes, which it’s using to restrain inflation—is the primary factor that’s pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rate Forecast & Trends For 2023
How To Compare Mortgage Rates
Shop around and talk to various lenders to get a sense of each company’s mortgage loan offerings and services. Don’t go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they’re willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don’t come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Is This a Good Time To Buy a House?
Mortgage rates remain elevated, and the nation’s housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
More From Advisor
- Mortgage Rates Today: May 17, 2023—15-Year and 30-Year Mortgage Rates Move Up
- Mortgage Rates Today: May 16, 2023—15-Year and 30-Year Mortgage Rates Move Up
- Mortgage Rates Today: May 15, 2023—15-Year and 30-Year Mortgage Rates Move Up
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
