30-year fixed mortgages
The average 30-year fixed-rate mortgage is 3.42%
At the current average rate, you’ll pay about $445 per month in principal and interest for every $100,000 you borrow.
You can use our mortgage calculator in the buyers page of our website.
15-year fixed mortgages
The average 15-year fixed-rate mortgage is 2.69%
Keeping the length of your loan shorter will result in higher monthly payments. The trade off to this is: The higher payments goes towards the principle amount and less on the interest.
For example, monthly payments on a 2.69%, 15-year loan would cost around $676 for every $100,000 borrowed.
Over a 15-year term, the total interest payments would be around $21,639. That’s about $38,414 less than what you’d pay in interest with a 30-year loan at today’s rate.
5/1 adjustable-rate mortgages
The average 5/1 ARM is 2.96%, up 16 basis points from a week ago.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts.
Monthly payments on a 5/1 ARM at 2.96% would cost about $405 per month for the initial 5 years. With rate caps of 2/2/5, monthly payments could balloon to $712 per $100,000 at the final adjustment.