Source: Forbes —
The average rate on a 30-year fixed mortgage is 6.98%, according to Bankrate.com, while the average rate on a 15-year mortgage is 6.09%. On a 30-year jumbo mortgage, the average rate is 7.02%, and the average rate on a 5/1 ARM is 5.11%.
Today’s 30-year-fixed rate mortgage–the most popular mortgage product–is 6.98%, up 0.52% from a week earlier. Over the past 52 weeks, the lowest rate was 5.26% and the highest was 6.98%.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 6.99%. Last week, the APR was 6.47%.
