Now is a good time to lock in a mortgage rate. The average rate on a 30-year fixed mortgage remained the same today as Thursday, keeping rates at historically low levels.

As of today, the average rate for a 30-year fixed mortgage is 3.12% with an APR of 3.30%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.42% with an APR of 2.70%. On a 30-year jumbo mortgage, the average rate is 3.10% with an APR of 3.20%. The average rate on a 5/1 ARM is 3.14% with an APR of 3.99%.

30 year fixed rate mortgages

The average rate remained stable on a 30-year fixed mortgage, remaining at 3.12%. The 52 week high is 3.50%.

The APR on a 30-year fixed rate is 3.30%. This time last week it was 3.32%. APR is the overall cost of your loan.

At an interest rate of 3.12%, a 30-year fixed mortgage would cost $ 428 per month in principal and interest (taxes and fees not included) per $ 100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be approximately $ 54,117.

15 year fixed rate mortgages

The average interest rate on the 15-year fixed mortgage is 2.42%. At the same time last week, the 15-year fixed rate mortgage was at 2.41%. Today’s rate is higher than the 52-week low of 2.32%.

On a 15-year fixed rate, the APR is 2.70%. Last week it was 2.70%.

At the current interest rate of 2.42%, a 15-year fixed rate mortgage would cost about $ 663 per month in principal and interest per $ 100,000. You would pay approximately $ 19,345 in total interest over the life of the loan.

Jumbo Mortgages

On a 30-year jumbo, the average interest rate stands at 3.10%, lower than it was around the same time last week. The average rate was 3.11% at this time 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 3.10% will pay $ 427 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,203 and you would pay approximately $ 402,944 in total interest over the life of the loan.

5/1 ARM

On a 5/1 ARM, the average rate remained at 3.14%. The average rate was 3.16% last week. Today’s rate is currently below the 52-week high of 3.32.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 3.14% will pay $ 429 per month in principal and interest.

Calculate your mortgage payment

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.

You can use a mortgage calculator to estimate your monthly mortgage payment based on factors such as your interest rate, purchase price, and down payment.

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

• House price
• Deposit amount
• Interest rate
• term of the loan
• Taxes, insurance and possible HOA fees

How much to save for a house

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

Here are six things you need to be prepared for when saving for a home:

• Advance payment
• Inspection and assessment
• Closing costs
• Ongoing costs
• Home furnishings
• Repairs and renovations

Explain the annual percentage return

The APR, or annual percentage rate, is a calculation that includes both the interest rate on a loan and the carrying charges on a loan, expressed as an annual cost over the life of the loan. In other words, it is the total cost of credit. APR takes into account interest, fees and time.

APR can help you understand the full cost of a mortgage if you keep it for the full term. Keep in mind that the APR is often higher than the interest rate.