Now is the right time to lock in a mortgage rate. The average rate on a 30-year fixed mortgage has come down today, giving buyers and those looking to refinance a chance to choose historically low rates.

Today, the average rate for a 30-year fixed mortgage is 3.02%, according to Bankrate.com, while the average rate for a 15-year mortgage is 2.31%. On a 30-year jumbo mortgage, the average rate is 2.99% and the average rate on a 5/1 ARM is 2.80%.

30 year fixed rate mortgages

The average 30-year fixed-rate benchmark mortgage rate fell to 3.02%. A week ago, the 30-year fixed rate was 3.08%. Today’s rate is below the 52-week high of 3.37%.

The 30-year fixed mortgage APR is 3.25%. At the same date last week, it was 3.31%. Here’s why the APR is important.

At an interest rate of 3.02%, a 30-year fixed mortgage would cost 423 per month in principal and interest (taxes and fees not included) per $ 100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $ 52,166 in total interest over the life of the loan.

15 year fixed rate mortgages

Today, the 15-year fixed mortgage rate stands at 2.31%, a level lower than yesterday. Last week it was 2.34%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed rate, the APR is 2.66%. Last week it was 2.66%.

With an interest rate of 2.31%, you would pay 658 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 18,419 in total interest.

Giant mortgages

On a 30-year jumbo, the average interest rate is 2.99%, lower than it was around the same time last week. The average rate was 3.05% on the same date last week. 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 a current interest rate of 2.99% will pay 421 per month in principal and interest in every $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately 3,158, and you would pay approximately $ 386,875 in total interest over the life of the loan.

5/1 arm

On a 5/1 ARM, the average rate rose to 2.80% against 2.78% yesterday. The average rate was 2.78% last week. Today’s rate is currently below the 52-week high of 3.43.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.80% will pay 411 per month in principal and interest.

How to calculate mortgage payments

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’re likely to pay each month to see if it’s within your budget.

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.

Collect these data points to calculate your monthly mortgage payment:

• The price of the house
• The amount of your deposit
• The interest rate
• The term of the loan
• All taxes, insurance and HOA fees

Save for a house

You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.

Here are six things you can do to save money for a home:

• Deposit
• Inspection and assessment
• Closing costs
• Ongoing charges
• Home furnishings
• Repairs and renovations

How do I get pre-approved for a mortgage?

Getting pre-approved for a mortgage can help you during the home buying process. Mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.

To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, income tax returns, and any other documents required by your lender.

The lender you select will walk you through the pre-approval process.