The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.616%, up from the day before, according to data from Mortgage Resource Center. Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.776%, ever so slightly up looking at the same period. We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.616%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $390,891.78 in interest over the life of the loan. On a 15-year mortgage with the same loan amount used for the estimate, you’d pay roughly $149,173.50 in interest over the life of the loan at the current rate of 5.776%.

 

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