Today’s Mortgage Rates: January 31, 2023—Little Movement On Rates

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

The average rate on a 30-year fixed mortgage is 6.51%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.70%. On a 30-year jumbo mortgage, the average rate is 6.55%, and the average rate on a 5/1 ARM is 5.37%.

Related: Compare Current Mortgage Rates

Mortgage Rates for January 31, 2023

30-Year Mortgage Rates

Today, the average rate for the benchmark 30-year fixed mortgage rose to 6.51% from 6.48% yesterday. One week ago, the 30-year fixed was 6.51%. The 52-week high is 6.92%.

The 30-year fixed mortgage APR is 6.52%. At this time last week, it was 6.52%. Here’s why APR is important.

At today’s interest rate of 6.51%, homebuyers with a 30-year fixed-rate mortgage of $100,000 will pay $633 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $127,781 over the life of the loan.

15-Year Fixed Mortgage Rates

Today, the 15-year fixed mortgage rate is 5.70%, higher than it was one day ago. Last week, it was 5.74%.

On a 15-year fixed, the APR is 5.72%. Last week it was 5.76%.

At today’s interest rate of 5.70%, a 15-year fixed-rate mortgage would cost approximately $828 per month in principal and interest per $100,000. You would pay around $48,992 in total interest over the life of the loan.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.55%, the same as last week.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.55% will pay approximately $635 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,770.

5/1 ARM Interest Rates

Currently, the average interest rate on a 5/1 ARM is 5.37%. Last week, the average rate was 5.40%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.37% will spend $560 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

Source