The average 15-year fixed mortgage rate is 5.78%, an increase from last week. 15-year Fixed Mortgage Rates Go Up (+0.10%) With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.Ī 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option. This time in May, the rate was lower at 5.97%. The average 20-year fixed mortgage rate is up from last weekend and sits at 6.25%. 20-year Fixed Mortgage Rates Increase (+0.18%) With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

The 30-year fixed-rate mortgage is the most common type of home loan. A month ago, the rate was even lower at 6.38%.Īt 6.47%, you'll pay $630 monthly toward principal and interest for every $100,000 you borrow. The current average 30-year fixed mortgage rate 6.47%, up three basis points since this time last week. Mortgage Rates for Buying a Home 30-year Fixed Mortgage Rates Inch Up (+0.03%)

Paying an additional $500 each month would reduce the loan length by 146 monthsĬlick 'More details' for tips on how to save money on your mortgage in the long run.

Lowering the interest rate by 1% would save you $51,562.03.

Paying a 25% higher down payment would save you $8,916.08 on interest charges.

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