The average rate for a 30-year fixed-rate mortgage is up to 3.09% today, according to Freddie Mac. Last week the average 30-year rate was 3.05%. It’s the second week in a row where the Freddie Mac’s rate has increased and stayed above 3%.
The rate for 15-year fixed-rate mortgage is also than a week ago at 2.33%. On the other hand, the 5/1 adjustable-rate mortgage ticked down to 2.54%, which is 0.01 percentage points lower than last week.
So you want to buy a home. Do you know how much you can afford?
Speaking to a mortgage expert will give you a better understanding of everything you need to make it a reality. Click on your state to see today’s rates.
Mortgage interest rates for the week of October 22, 2021
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Mortgage rate trends
Mortgage rates were higher for almost all loan categories this week:
- The current rate for a 30-year fixed-rate mortgage is 3.09% with 0.7 points paid, 0.04 percentage points higher than last week and 0.29 percentage points higher than last year’s rate of 2.80%.
- The current rate for a 15-year fixed-rate mortgage is 2.33% with 0.7 points paid, an increase of 0.03 percentage points over last week and even with last year’s rate.
- The current rate on a 5/1 adjustable-rate mortgage is 2.54% with 0.3 points paid, just 0.01 percentage points lower week-over-week but 0.33 percentage points lower than last year’s rate of 2.87%.
“Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” said Sam Khater, Freddie Mac’s chief economist in a statement. “Even as the availability of homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head in the end of the year.”
Today’s mortgage rates and your monthly payment
The rate on your mortgage makes a big difference in how much home you can afford and the size of your monthly payments.
If you bought a $250,000 home and made a 20% down payment — $50,000 — you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years:
- At 3% interest rate = $843 in monthly payments (not including taxes, …….