Today’s Mortgage Rates: March 14, 2023—Rates Decline

The current average rate on a 30-year fixed mortgage is 6.98%, compared to 7.14% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.21%, down 0.03% 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.
Related: Compare Current Mortgage Rates
Mortgage Rates for March 14, 2023

Loan term
Rate last week

30-Year Mortgage Rate

15-Year Fixed Rate

30-Year Jumbo Mortgage Rate

5/1 ARM Rate


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30-Year Fixed-Rate Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.98%, which is 0.16% lower than last week. In a 52-week span, the lowest rate was 4.56% while the highest was 7.41%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.99%. The APR was 7.16% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.98% on a $100,000 loan will cost $664 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $139,026.
15-Year Fixed-Rate Mortgage Rates
Today’s 15-year, fixed-rate mortgage is 6.21%, down 0.03% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.24%. Today’s rate is higher than the 52-week low of 3.80%.
The APR on a 15-year fixed is 6.24%. It was 6.28% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.21% will cost $855 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $53,944 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 7.01%, the same as last week. That’s 2.42% higher than the 52-week low of 4.59%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.01% will pay approximately $666 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,000.
5/1 ARM Rates
The average interest rate on a 5/1 ARM sits at 5.80%, higher than the 52-week low of 3.16%. Last week, the average rate was 5.80%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.80% will pay $587 per month in principal and interest.
How to Calculate Mortgage Payments
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need in order to calculate your monthly mortgage payment:

Home price
Down payment amount
Interest rate
Loan term
Taxes, insurance and any HOA fees

How Much House Can I Afford?
Everyone’s budget and financial goals vary. How much house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.
Here are a few basic factors that go into what you can afford:

Debt-to-income ratio (DTI)
Down payment
Credit score