Mortgage Rates Today: Noticeable Rise

Mortgage Rates Today

Monday, May 24, 2021.

Mortgage rates rise and fall almost every day by a slight change in digits. However, this small number can often bring a massive shift in the borrower’s life.

Mortgage rates increased today, but you can still try your luck to sneak in a historically low rate whether you’re purchasing a home or modifying your current one. According to, the adequate amount on a 30-year fixed mortgage is 3.14 percent. The proper amount on a 15-year fixed mortgage is 2.41 percent. In addition, a 30-year jumbo mortgage has an average rate of 3.11 percent, while a 5/1 ARM has an average speed of 3.16 percent.

This indicates a rise of 0.02% on a 30-year fixed mortgage and 0.01% on a 15-year fixed mortgage, compared to the last week. The 30-year jumbo and 5/1 ARM, however, remain the same as the previous week.

30-Year Fixed-Rate Mortgage:

A 30-year fixed mortgage’s average rate increased to 3.14 percent from 3.12 percent yesterday. The current rate is less than half of the 52-week high of 3.50 percent.

APR on a 30-year fixed-rate mortgage is now 3.32 percent, up from 3.32 percent last week. The annual percentage rate, or APR, is the sum of a loan’s interest rate plus finance costs. Thus, it refers to the total cost of your loan.

According to the Forbes Advisor mortgage calculator, at today’s interest rate of 3.14 percent, homeowners with a $100,000 30-year fixed-rate mortgage will pay $429 monthly in interest and principal (taxes and fees not shown). This means, over the term of the loan, you would pay $54,509 in total interest.

15-Year Fixed-Rate Mortgage:

A 15-year fixed mortgage is at 2.41 percent today, unchanged from the previous day. It was 2.40 percent last week. The annual percentage rate (APR) on a 15-year fixed loan is 2.70 percent. It was 2.69 percent this time last week. 

The current rate is above the 52-week low of 2.32 percent. This means, with today’s rate of interest of 2.41 percent, a $100,000 15-year fixed-rate mortgage will cost $663 a month in interest and principal. Thus, you would pay a total of $19,261 in interest over the term of the loan.

5/1 ARMs:

A 5/1 ARM currently has an average interest rate of 3.16 percent, which has gone higher than the 52-week low of 2.85 percent. In addition, the average speed was 3.16 percent last week. That means, with today’s exchange rate of 3.16 percent, homeowners with a $100,000 5/1 ARM will pay $430 per month in principal and interest.

Jumbo Plan:

The average interest rate on a 30-year jumbo loan is 3.11 percent, the same as it was last week. A jumbo mortgage’s 30-year fixed cost is comparatively higher than the 52-week low of 2.85 percent. With today’s interest rate of 3.11 percent, homeowners with a 30-year fixed-rate jumbo mortgage will pay $428 a month in principal and interest per $100,000 borrowed.

That implies that on a $750,000 loan, the monthly principal and interest payments would be roughly $3,207, and the total interest paid over the loan term would be approximately $404,411.

Calculating Mortgage & Saving for a House:

You may be aware that you must save enough money for a down payment, but the homebuying procedure necessitates a more significant sum. Plus, once you’ve purchased your home, you’ll need to furnish it and keep up with any necessary repairs.

When saving for a home, there are six costs you must consider:

  • A deposit 
  • Inspection and evaluation
  • Closing expenses
  • Ongoing expenses
  • Furniture for the home
  • Renovations and repairs

Mortgages and mortgage lenders are standard parts of the home buying process, but understanding what you’re paying for—and what you can genuinely afford—may be challenging.

To calculate your monthly mortgage payment, gather the following information:

  • Price of a house
  • Amount of the down payment
  • The rate of interest
  • Term of the loan
  • Taxes, insurance, and other HOA costs.

So, choose the plan that fits you the best and plan for a house that does not cost you big loans that may be harder to repay if the prices go up!