The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.542%, up from the day before, according to data from Mortgage Research Center. Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 6.737%, 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 7.542%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $458,258.29 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 $177,461.53 in interest over the life of the loan at the current rate of 6.737%.

 

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