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Today’s Mortgage Rates: June 9, 2021—No Movement On Mortgage Rates
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Today’s Mortgage Rates: June 9, 2021—No Movement On Mortgage Rates

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Mortgage rates didn’t move today. If you’re interested in buying a home or refinancing your current home, you still have a shot at locking in a historically low rate.

As of today, the average rate on a 30-year fixed mortgage is 3.09% with an APR of 3.26%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.38% with an APR of 2.66%. On a 30-year jumbo mortgage, the average rate is 3.08% with an APR of 3.18%. The average rate on a 5/1 ARM is 3.24% with an APR of 3.87%.

Loan TermRateChangeRate Last Week
30-year fixed3.09%-0.04%3.13%
15-year fixed2.38%-0.02%2.40%
30-year jumbo3.08%-0.04%3.12%
5/1 ARM3.24%0.09%3.15%
Source: Bankrate.com

30-year Fixed-rate Mortgages

The average rate for the benchmark 30-year fixed-rate mortgage stayed at 3.09%. Last week, the 30-year fixed was 3.13%. The 52-week low is 2.83%.

On a 30-year fixed mortgage, the APR is 3.26%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At an interest rate of 3.09%, a 30-year fixed mortgage would cost $426 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay around $53,530 in total interest over the life of the loan.

15-year Fixed-rate Mortgages

Today, the 15-year fixed mortgage rate sits at 2.38%, the same as it was yesterday. Last week, it was 2.40%. Today’s rate is higher than the 52-week low of 2.32%.

On a 15-year fixed, the APR is 2.66%. Last week it was 2.69%.

At today’s interest rate of 2.38%, a 15-year fixed-rate mortgage would cost approximately $661 per month in principal and interest per $100,000. You would pay around $19,008 in total interest over the life of the loan.

Jumbo Mortgages

The average interest rate on the 30-year fixed-rate jumbo mortgage is 3.08%. Last week, the average rate was 3.12%. 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 today’s interest rate of 3.08% will pay $426 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,194, and you’d pay approximately $400,013 in total interest over the life of the loan.

5/1 ARMs

The average interest rate on a 5/1 ARM sits at 3.24%, higher than the 52-week low of 2.85%. Last week, the average rate was 3.15%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.24% will pay $435 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’ll likely pay each month to see if it fits into your budget.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.

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

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

How Much House Can I Afford?

The amount of house you can afford depends on a number of factors, including your income and debt.

Here are a few basic factors that go into what you can afford:

  • Your income
  • Your debt
  • Your debt-to-income ratio, or DTI
  • Your down payment
  • Your credit score

What’s an APR and Why Is It Important?

Annual percentage rate, or APR, takes into account interest, fees and time. It’s the total cost of your loan and includes both the loan’s interest rate and its finance charges.

Since APR includes both the interest rate and certain fees associated with a home loan, 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.

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