Mortgage calculator
Monthly payment at today's average mortgage rate, and what the change in rates since last year means for the same loan.
What the change in rates means
The average 30-year fixed rate is 7.40%, against 6.30% a year earlier. On a $320,000 loan, that is a difference of $235 a month, or about $84,565 over the life of the loan. See the mortgage rates page for the full history and our projection.
How it works
The monthly principal and interest come from the standard fixed-rate amortization formula. Property tax, insurance and homeowners' association dues are added on top; private mortgage insurance, usually required with less than 20% down, is not included. The rate filled in is the weekly national average from Freddie Mac's Primary Mortgage Market Survey, which assumes a borrower with strong credit and a 20% down payment.
Mortgage rates follow the 10-year Treasury yield plus a spread that widens when markets are volatile. That links them to Federal Reserve policy, the size of the federal deficit and investors' inflation expectations, all tracked on the data pages.