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Today, the average rate on a 30-year fixed mortgage is 6.49%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 5.74%. The average rate on a 30-year jumbo mortgage is 6.50%, and the average rate on a 5/1 ARM is 5.45%.

**Related:** Compare Current Mortgage Rates

## Mortgage Rates for January 16, 2023

## 30-Year Fixed Mortgage Interest Rates

Today’s 30-year-fixed rate mortgage—the most popular mortgage product—is 6.49%, down 0.12% from a week earlier.

The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 6.50%. Last week, the APR was 6.62%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.49%, your monthly payment will be about $631, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $127,308 in total interest over the life of the loan.

## 15-Year Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 5.74%. This same time last week, the 15-year fixed-rate mortgage was at 6.01%.

The APR on a 15-year fixed is 5.76%. It was 6.03% this time last week.

At today’s interest rate of 5.74%, a 15-year fixed-rate mortgage would cost approximately $830 per month in principal and interest per $100,000. You would pay around $49,377 in total interest over the life of the loan.

## Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage is 6.50%. Last week, the average rate was 6.60%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.50% will pay $632 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 $4,741, and you’d pay roughly $956,584 in total interest over the life of the loan.

## 5/1 Adjustable-Rate Mortgage Rates

Today’s average interest rate on a 5/1 ARM is 5.45%.

Borrowers with the current rate of 5.45% will spend $565 on principal and interest per month on a $100,000 loan.

## How to Calculate Mortgage Payments

One of the first steps in buying a house is budgeting. To get a rough idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.

Just input the following data to get an idea of how much a house will cost:

- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees

## How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

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

- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score