Today’s Mortgage and Refinance Rates, August 3, 2022
Today’s Mortgage and Refinance Rates, August 3, 2022

The average rate on a 30-year fixed-rate mortgage is currently 5.26%, compared to 5.81% a week ago.

For borrowers looking to pay off their home faster, the average rate on a 15-year fixed-rate mortgage was 4.62%, down 0.38% from the previous week.

If you’re considering refinancing for a lower rate, compare your existing mortgage rate to current market rates to make sure the cost of refinancing is worth it.

Loan term Rate Change Rate last week
30-Year Mortgage Rate 5.26% -0.55% 5.81%
15-Year Fixed Rate 4.62% -0.38% 5.00%
30-Year Jumbo Mortgage Rate 5.19% -0.59% 5.78%
5/1 ARM Rate 4.13% -0.11% 4.24%

30 Year Mortgage Interest

The average rate on the benchmark 30-year fixed-rate mortgage fell to 5.26% today, down from 5.27% yesterday. A week ago, the 30-year fixed rate was 5.81%. The 52-week low was 5.26%.

The 30-year fixed-rate mortgage has an annual interest rate of 5.27%. This time last week it was 5.82%. That’s why APR is important.


At an interest rate of 5.26%, a 30-year fixed-rate mortgage will cost you $553 in principal and interest (excluding taxes) per month of $100,000 per month, according to Forbes Advisor’s Mortgage Calculator. You will pay a total of $44,793 over the life of the loan.

15 Year Fixed Rate Mortgage Rate

The 15-year fixed-rate mortgage rate today is 4.62%, down from yesterday. Last week it was 5.00%. The exchange rate today is above a 52-week low of 4.60%.

The term is 15 years and the annual interest rate is 4.64%. It was 5.03% last week.

At today’s 4.62% interest rate, the principal and interest per $100,000 on a 15-year fixed-rate mortgage is about $514 per month. In total, you will pay approximately $38,805 in interest over the life of the loan.

Huge Mortgage Rates

For the jumbo 30-year bond, the average rate was 5.19%, lower than this time last week. The average rate at this time last week was 5.78%. The 30-year fixed rate on large mortgages is now below a 52-week low of 6.11%.

Borrowers on a 30-year fixed-rate jumbo mortgage currently at 5.19% pay $548 per month in principal and every $100,000 in interest.


5/1 ARM Course

The average rate for the 5/1 ARM was 4.13%, above a 52-week low of 3.83%. The average rate last week was 4.24%.

A borrower with a $100,000 5/1 ARM pays $485 per month in principal and interest at today’s 4.13% rate.

Mortgage Payment Calculation

A mortgage and a mortgage lender are often a necessary part of buying a home, but knowing what you’re paying and what you can actually afford can be difficult.


Using a mortgage calculator can help you estimate your monthly mortgage payment based on interest rates, purchase price, down payment, and other fees.

To calculate your monthly mortgage payment, you will need the following information:

  • House price
  • Your deposit amount
  • Interest rate
  • Loan term
  • All taxes, insurance and HOA fees

Save money to buy a house

You probably know you need to save enough for a down payment, but it takes more money to complete the home buying process. You’ll also need to set up your new home and keep up with potential repairs after you buy it.

  • Here are six things to prepare when saving for your home:
  • Down payment
  • Inspection and Evaluation
  • Settlement cost
  • Operating cost
  • Home Decoration
  • Repair and Refurbishment

Annual Rate Description

The annual rate or annual rate is the total cost of your loan. It covers the interest and financing costs of your loan, including interest, fees and time.

APR can help you understand the total cost of your mortgage if you keep it for the entire term. Remember that APR is usually higher than the interest rate.

Learn more:

Jake Smith

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Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.