Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, which will typically have a lower rate than a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 6.05%. However, you’ll have higher monthly payments since you’re paying off your mortgage in 15 years instead of 30.

Borrowers paid an average rate of 6.79% on a 30-year mortgage. This was up from the previous week’s rate of 6.71%.

To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.79% will cost you about $651, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $135,461 in total interest over the life of the loan.

 

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