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Today’s Mortgage Interest Rates: October 19, 2022 – Mortgage Rates Rose

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Today's Mortgage Interest Rates: October 19, 2022 - Mortgage Rates Rose

(CTN News) – Currently, the average rate on a 30-year fixed mortgage is 7.20%, down from 7.12% a week ago.

The Mortgage Interest Rates on a 15-year fixed mortgage is 6.40%, up 0.07% from last week.

Compare your existing mortgage rate to today’s refinance rates if you want to lock in a lower rate.

October 19, 2022 mortgage rates

Today’s average 30-year fixed-rate Mortgage Interest Rates is 7.20%, down from 7.12% last week. In the last 52 weeks, the lowest rate was 5.43% and the highest was 7.24%.

A 30-year, fixed-rate mortgage has an annual percentage rate (APR) of 7.21%. Last week’s APR was 7.13%. Your APR is your loan’s total cost.

According to the Forbes Advisor mortgage calculator, a 30-year fixed Mortgage Interest Rates of $100,000 costs approximately $679 a month in principal and interest (taxes and fees not included). Over the life of the loan, borrowers will pay $144,364 in interest.

Rates on 15-year mortgages

Today’s 15-year fixed mortgage rate is 6.40%, up from yesterday’s. It was 6.33% last week. There’s a difference between today’s rate and the 52-week low of 4.76%.

An APR of 6.44% is on a 15-year fixed. Last week, it was 6.37%.

If you borrow $100,000 at 6.40% interest, you’d pay $866 a month in principal and interest. You’d pay $55,811 in interest over the life of the loan.

Rates on Jumbo Mortgages

A 30-year, fixed-rate jumbo Mortgage Interest Rates is currently 7.21 percent, up 0.06% from last week. There was a 52-week low of 5.41% and a 52-week high of 7.27% for 30-year jumbos.

At today’s fixed interest rate of 7.21%, a 30-year jumbo mortgage will cost you $679 per month. A $750,000 jumbo mortgage would cost $5,096 a month in principal and interest.

Interest rates on 5/1 ARMs

There’s an Mortgage Interest Rates interest rate of 5.45% on 5/1 ARMs right now. 52-week low was 4.20%, 52-week high was 5.45%.

Your monthly payments (including principal and interest) will be $565 if you lock in today’s 5/1 ARM interest rate of 5.45%.

Here’s how to calculate mortgage payments

A mortgage calculator can help you figure out how much your mortgage will cost.

Enter the following info:

  • Price of a house

  • Amount of down payment

  • Rates.

  • Term of loan

  • HOA fees, taxes, and insurance

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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