Current Mortgage Interest Rates: December 2, 2022—Mortgage Rates Inch Down
The current average rate on a 30-year fixed mortgage is 6.57%, compared to 6.85% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.92%, down 0.25% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for December 2, 2022
30-Year Fixed-Rate Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage decreased to 6.57% from 6.74% yesterday. This time last week, the 30-year fixed was 6.85%. Today’s rate is lower than the 52-week high of 7.41%.
On a 30-year fixed mortgage, the APR is 6.59%, 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 today’s interest rate of 6.57%, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $637 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $129,204 over the life of the loan.
15-Year Fixed Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 5.92%, down 0.25% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.17%. Today’s rate is higher than the 52-week low of 5.70%.
The APR on a 15-year fixed is 5.95%. It was 6.20% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.92% will cost $840 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $51,117 in total interest.
Jumbo Mortgage Rates
The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.58%. Last week, the average rate was 6.87%. Over the past year, the rate on a 30-year jumbo mortgage has been as high as 7.44% and as low as 6.37%.
If you lock in today’s rate of 6.87% on a 30-year, fixed-rate jumbo mortgage, you will pay $637 per month in principal and interest per $100,000 in financing. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,785, and you’d pay around $970,814 in total interest over the life of the loan.
5/1 ARM Rates
Currently, the average interest rate on a 5/1 ARM is 5.43%, up from the 52-week low of 4.88%. Last week, the average rate was 5.47%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.43% will spend $563 per month in principal and interest.
How Much House Can I Afford?
Everyone’s budget and financial goals vary. How much house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
What’s an APR, and Why Is It Important?
The APR, or annual percentage rate, includes the mortgage interest rate and lender fees over the life of the loan. This is an important figure because it gives borrowers a better snapshot of what they will pay for a mortgage as it shows the total cost of a mortgage if you keep it for the entire term.
