Mortgage rates are at their highest point in more than 20 years, adding thousands in costs for would-be home buyers. The average interest rate for a 30-year fixed mortgage has risen to 6.7 percent as of April 3, according to theBelow, you can see how this jump affects the monthly cost of a typical mortgage. If you already have a mortgage, plug in your existing interest rate to see how much more expensive it would be if you signed today.Note: Calculations are based on a fixed 30-year mortgage.
While the principal — the amount borrowed that needs to be paid back — stays the same, the change in interest payments can be enormous. Over the course of a 30-year mortgage, additional interest can add up to hundreds of thousands of dollars.is just the average 30-year rate. The actual rate that a home buyer gets depends on other factors such as income, debt, credit history and the size of the down payment.To tame inflation, the Federal Reserve has been raising interest rates.