30-year fixed mortgage rates inched up today.

The average rate on a 30-year fixed mortgage is 5.54%, according to Bankrate.com, while the average rate on a 15-year mortgage is 4.80%. On a 30-year jumbo mortgage, the average rate is 5.45%, and the average rate on a 5/1 ARM is 3.87%.

Related: Compare Current Mortgage Rates

30-Year Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage increased to 5.54%. One week ago, the 30-year fixed was 5.64%. The 52-week high is 5.64%.

The APR on a 30-year fixed is 5.56%. This time last week, it was 5.66%. APR is the all-in cost of your loan.

At today’s interest rate of 5.54%, borrowers with a 30-year fixed-rate mortgage of $100,000 will pay $570 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $105,308 over the life of the loan.

15-Year Mortgage Rates

Today, the 15-year fixed mortgage rate is 4.80%, lower than it was at this time yesterday. Last week, it was 4.88%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 4.83%. Last week it was 4.92%.

At today’s interest rate of 4.80%, a 15-year fixed-rate mortgage would cost approximately $780 per month in principal and interest per $100,000. You would pay around $40,475 in total interest over the life of the loan.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate sits at 5.45%, lower than it was at this time last week. The average rate was 5.55% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 3.03%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 5.45% will pay $565 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,235, and you’d pay approximately $774,571 in total interest over the life of the loan.

5/1 ARM Interest Rates

On a 5/1 ARM, the average rate increased to 3.87% from 3.85% yesterday. The average rate was 3.85% last week. Today’s rate is currently higher than the 52-week high of 3.83%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.87% will pay $470 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.

To estimate your monthly mortgage payment, you can use a mortgage calculator. It will provide you with an estimate of your monthly principal and interest payment based on your interest rate, down payment, purchase price and other factors.

Gather these data points to calculate your monthly mortgage payment:

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

How Much to Save for a House

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

• Down payment
• Inspection and appraisal
• Closing costs
• Ongoing costs
• Home furnishings
• Repairs and renovations

Should I Get Preapproved for a Mortgage?

Getting preapproved for a mortgage can help you during the homebuying process. Mortgage preapproval represents a lender’s offer to loan you money. It can help you appear more attractive to sellers.

To get preapproved for a mortgage, start by gathering documents. You’ll need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns and any other documents your lender requires.

The lender you select will guide you through the preapproval process.