Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
Currently, the average rate on a 30-year fixed mortgage is 6.39%, compared to 6.58% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.64%, down 0.23% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your 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 19, 2023
30-Year Fixed-Rate Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.39%, which is 0.19% lower than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.40%. The APR was 6.59% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.39% on a $100,000 loan will cost $625 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 $124,946.
15-Year Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 5.64%, down 0.23% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.87%.
The APR on a 15-year fixed is 5.66%. It was 5.89% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.64% will cost $825 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $48,416 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.39%, the same as last week.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.39% will pay approximately $625 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,691.
5/1 Adjustable-Rate Mortgage Rates
Currently, the average interest rate on a 5/1 ARM is 5.41%. Last week, the average rate was 5.50%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.41% will spend $562 per month in principal and interest.
What’s an APR, and Why Is It Important?
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.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.