Do you question what Today’s mortgage rates is? well this refer to the interest rates offered by lenders for home loans on the current day. These rates determine the cost of borrowing money to finance a home purchase or refinance an existing mortgage.
The average mortgage rates are as follows: for a 30-year fixed mortgage, the rate is 7.52% with an APR of 7.44%; for a 15-year fixed mortgage, the rate is 6.72% with an APR of 6.68%; and for a 30-year jumbo mortgage, the rate is 7.23% with an APR of 7.16%.
Today’s Mortgage Rates for July 13, 2023
| Loan term | Rate | Change | Rate last week |
|---|---|---|---|
| 30-Year Mortgage Rate | 7.52% | +0.10 | 7.42% |
| 15-Year Fixed Rate | 6.72% | +0.05 | 6.67% |
| 30-Year Jumbo Mortgage Rate | 7.23% | +0.13 | 7.10% |
30-Year Mortgage Rates
The average rate for a 30-year fixed-rate mortgage today is 7.52%, which is 0.10 percentage points higher than last week.
The annual percentage rate (APR), which includes both the interest and lender fees, for a 30-year fixed mortgage is 7.44%. Last week, the APR was 7.37%.
To estimate your interest payments, let’s consider a $100,000 loan with a current 30-year fixed-rate mortgage at 7.52%. In accordance with mortgage calculator, your monthly payment for principal and interest would be around $701 (excluding taxes and fees). Over the entire loan term, you would pay a total of $152,309 in interest.
15-Year Mortgage Rates
The current rate for a 15-year fixed-rate mortgage is 6.72%, which has increased by 0.05 percentage points compared to the previous week. Last week, the rate for a 15-year fixed-rate mortgage was 6.67%.
The annual percentage rate (APR) for a 15-year fixed-rate mortgage is 6.68%, slightly higher than the previous week’s rate of 6.63%.
For a $100,000 mortgage with a 15-year fixed-rate mortgage at today’s interest rate of 6.72%, the monthly payment for principal and interest would be around $883 (excluding taxes and insurance). Over the course of the loan, borrowers would pay approximately $58,945 in total interest.
Jumbo Mortgage Rates
The current average interest rate for a 30-year fixed-rate jumbo mortgage is 7.23%, which has increased by 0.13 percentage points compared to the previous week. Over the past 52 weeks, the 30-year jumbo mortgage rate has ranged from a low of 5.63% to a high of 9.25% in terms of annual percentage rate (APR).
For a 30-year jumbo mortgage at today’s fixed interest rate of 7.23%, the monthly payment for principal and interest would be around $681 per $100,000 borrowed. For a jumbo mortgage of $750,000, the monthly principal and interest payment would amount to approximately $5,106.
What Affects Today’s Mortgage Rates?
The Federal Reserve’s efforts to control inflation by increasing interest rates is the main factor contributing to the rise in long-term mortgage rates. The state of the economy and housing market also influence mortgage rates. When it comes to the interest rate offered by lenders, it depends on your debt-to-income (DTI) ratio and credit score. These factors help determine your risk level as a borrower and influence the interest rate you may be offered.
How To Compare Mortgage Rates
To ensure you get the best mortgage deal, it’s important to shop around and speak with different lenders. Don’t immediately accept the first quote you receive. Instead, compare mortgage rate quotes from various lenders to find the most favorable terms. Pay attention to the fees charged by each lender, as well as any potential fee waivers or closing assistance they may offer. It’s important to ensure that any special offers or discounts do not come at the expense of a higher mortgage rate.
Additionally, it’s advisable to apply with each lender within a 45-day period. During this timeframe, multiple lenders can access your credit history without causing additional negative impacts on your credit score.
Is This a Good Time To Buy a House?
Currently, mortgage rates remain high, and there is a limited supply of housing in the country. This shortage of available homes is preventing a significant drop in house prices. Moreover, the combination of elevated mortgage rates and increasing home values poses a challenge for prospective homebuyers who are seeking affordable housing.
Read Also:
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- What’s Interest-Only Mortgage: How It Works and it’s Pros and Cons?
- First Time Mortgage Buyer: Preparation and Tips on Home Purchasing
- Home Loan: How to Apply Mortgage, it’s Benefits and Documents Required
- Best Canadian Mortgage rates: Market Update- Factors and Terms
- Advantages of Getting Mortgage to Buy Your House Instead of Renting
