By; NATALIE CAMPISI
Several benchmark mortgage rates rose today. The average rates on 30-year fixed and 15-year fixed mortgages both rose. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also notched higher.
Rates for mortgages change daily, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.
30-year fixed mortgages
The average rate for the benchmark 30-year fixed mortgage is 3.56 percent, up 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.80 percent.
At the current average rate, you’ll pay a combined $452.40 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $1.68 higher.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 3.13 percent, up 5 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $697 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
The average rate on a 5/1 ARM is 3.42 percent, ticking up 9 basis points from a week ago.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.42 percent would cost about $445 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.
Want to see where rates are right now? Lenders nationwide respond to Bankrateâ€™s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:
|30-year fixed jumbo||3.69%||3.64%||+0.05|
|30-year fixed refinance||3.62%||3.65%||-0.03|
Rates as of April 27, 2020.
|LOAN TERM||PURCHASE RATES||REFINANCE RATES|
|The index above links out to loan-specific pagesto help you learn more about rates by mortgage type.|
|30-Year Loan||Current 30 Year Mortgage Rates||30-Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Interest Rates||20-Year Refinance Interest Rates|
|15-Year Loan||15-Year Mortgage Rates||Current 15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||10-Year Refi Interest Rates|
|FHA Loan||FHA Mortgage Loan Rates||FHA Refinance Rates|
|VA Loan||Current VA Mortgage Rates||VA Refinance Loan Rates|
|ARM Loan||ARM Loan Rates||ARM Refi Mortage Rates|
|Jumbo Loan||Jumbo Mortgage Rates||Jumbo Mortgage Refinance Rates|
Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.