Today’s Mortgage Rates: February 28, 2023—Rates Increase

The current average rate on a 30-year fixed mortgage is 7.07%, compared to 6.92% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.32%, up 0.15% from the previous week.

Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage climbed 0.16% from last week to 7.10%. That’s 2.98% higher than the 52-week low of 4.12%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.10% will pay approximately $672 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,045.

30-Year Fixed Mortgage Interest Rates

Today’s average rate on a 30-year, fixed-rate mortgage is 7.07%, which is 0.15% higher than last week. In a 52-week span, the lowest rate was 4.12% while the highest was 7.41%.

The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.09%. The APR was 6.93% last week.

15-Year Fixed-Rate Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 6.32%. This same time last week, the 15-year fixed-rate mortgage was at 6.17%. Today’s rate is higher than the 52-week low of 3.38%.

On a 15-year fixed, the APR is 6.35%. Last week it was 6.20%.

Mortgage Rates for February 28, 2023

What’s an APR, and Why Is It Important?

The annual percentage rate (APR) represents a loan’s interest rate and fees, expressed as an annual cost over the life of the loan. It’s essentially the all-in cost of the loan.

The APR is a helpful number because it shows you the total cost of a mortgage if you keep it the entire term.

https://www.forbes.com/advisor/mortgages/mortgage-rates-02-28-23/