Here Are Today’s Mortgage Rates: December 24, 2021—Mortgage Rates Remain Unchanged – Forbes

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Mortgage rates didn’t move today. If you’re interested in buying a home or refinancing your current home, you still have a shot at locking in a historically low rate.

As of today, the average rate on a 30-year fixed mortgage is 3.23% with an APR of 3.37%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.53% with an APR of 2.74%. On a 30-year jumbo mortgage, the average rate is 3.18% with an APR of 3.28%. The average rate on a 5/1 ARM is 2.74% with an APR of 4.07%.

Related: Compare Current Mortgage Rates

30-Year Fixed Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage stayed at 3.23%. This time last week, the 30-year fixed was 3.28%. The 52-week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.37%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At today’s interest rate of 3.23%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay 434 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be about $56,279.

15-Year Fixed Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 2.53%. This same time last week, the 15-year fixed-rate mortgage was at 2.54%. Today’s rate is higher than the 52-week low of 2.28%.

The APR on a 15-year fixed is 2.74%. This time last week, it was 2.74%.

At today’s interest rate of 2.53%, a 15-year fixed-rate mortgage would cost approximately 668 per month in principal and interest per $100,000. You would pay around $20,276 in total interest over the life of the loan.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 3.18%. Last week, the average rate was 3.24%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 3.18% will pay 431 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 3,235, and you’d pay around $414,709 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

On a 5/1 ARM, the average rate remained at 2.74%. The average rate was 2.75% last week. Today’s rate is currently lower than the 52-week high of 3.43%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.74% will pay 408 per month in principal and interest.

How to Calculate Mortgage Payments

Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually afford.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

Here’s what you’ll need in order to calculate your monthly mortgage payment:

  • Interest rate
  • Down payment amount
  • Home price
  • Loan term
  • Taxes
  • Insurance
  • HOA fees

What You Can Afford to Buy

The amount of house you can afford depends on more than just your income and debt.

Here are a few primary factors that go into what you can afford:

  • Income
  • Debt
  • Debt-to-income ratio, or DTI
  • Down payment
  • Credit score

Explaining Annual Percentage Rate

APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.

APR is important because it can help you understand the total cost of your home loan if you decide to keep it for the entire term.