Reviewed Reviewed Published: Apr 1, 2024, 4:30am The on a 30-year fixed mortgage fell by 0.01 percentage point in the last week to 7.36%. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.01 percentage point during the same period to 6.53%. For existing homeowners, compare your current mortgage rates with . Current Mortgage Rates for April 1, 2024 30-Year Mortgage Rates Today’s —the most popular mortgage product—is 7.36%, down 0.01 percentage point from a week earlier. 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 . This week the APR on a 30-year fixed-rate mortgage is 7.27%. Last week, the APR was the same. Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.36%, your monthly payment will be about $689, including principal and interest (taxes and fees not included), the Forbes Advisor shows. That’s around $148,177 in total interest over the life of the loan. 15-Year Mortgage Rates Today’s (fixed-rate) is 6.53%, down 0.01 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.54%. The APR on a 15-year fixed is 6.46%. It was 6.47% a week earlier. A 15-year, fixed-rate mortgage with today’s interest rate of 6.53% will cost $872 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $57,047 in total interest. Jumbo Mortgage Rates The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 7.38%. Last week, the average rate was 7.38%. Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.38% will pay $691 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 $5,181 and you’d pay roughly $1.12 million in total interest over the life of the loan. How Much House Can I Afford? The depends on a number of factors, including your income and debt. Here are a few basic factors that go into what you can afford: 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. How Are Mortgage Rates Determined? Multiple factors affect the interest rate for a mortgage, including the economy’s overall health, benchmark interest rates and borrower-specific factors. The and can influence rates to move higher or lower. Although the Fed raising rates doesn’t directly cause mortgage rates to rise, an increase to its benchmark interest rate makes it more expensive for banks to lend money to consumers. Conversely, rates tend to decrease during periods of rate cuts and cooling inflation. Home buyers can make several moves to improve their finances and qualify for competitive rates. One is having a good or excellent credit score, which ranges from 670 to 850. Another is maintaining below 43%, which implies less risk of being unable to afford the monthly mortgage payment. Further, making a minimum 20% down payment can help you avoid (PMI) on conventional home loans. If you can afford the larger monthly payment, 15-year home loans have lower rates than a 30-year term. What Is the Best Type of Mortgage Loan? Many home buyers are eligible for several . Each program can have its own advantages: Frequently Asked Questions (FAQs) A competitive mortgage rate currently ranges from 6% to 8% for a 30-year fixed loan. Several factors impact mortgage rates, including the repayment term, loan type and borrower’s credit score. Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less. Further, making a minimum down payment of 20% on conventional mortgages can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate. Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply.