Mortgage rates rose today, but if you’re interested in buying a home or refinancing your current home, you still have a shot at locking in a historically low rate.

The average rate on a 30-year fixed mortgage is 4.89%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.08%. The average rate on a 30-year jumbo mortgage is 4.90%, and the average rate on a 5/1 ARM is 3.27%.

Related: Compare Current Mortgage Rates

30-Year Mortgage Rates

The average rate for the benchmark 30-year fixed-rate mortgage rose to 4.89%. Last week, the 30-year fixed was 4.56%. The 52-week high is 4.89%.

The 30-year fixed mortgage APR is 4.91%. At this time last week, it was 4.57%. Here’s why APR is important.

At an interest rate of 4.89%, a 30-year fixed mortgage would cost 530 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be around $90,843.

15-Year Mortgage Rates

Today, the 15-year fixed mortgage rate is 4.08%, higher than it was one day ago. Last week, it was 3.81%. Today’s rate is higher than the 52-week low of 2.28%.

On a 15-year fixed, the APR is 4.12%. Last week it was 3.85%.

At today’s interest rate of 4.08%, a 15-year fixed-rate mortgage would cost approximately 744 per month in principal and interest per $100,000. You would pay around $33,867 in total interest over the life of the loan.

Jumbo Mortgage Rates

On a 30-year jumbo, the average interest rate sits at 4.90%, higher than it was at this time last week. The average rate was 4.53% 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 4.90% will pay 531 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 3,980, and you’d pay roughly $682,962 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Rates

The average interest rate on a 5/1 ARM is 3.27%, higher than the 52-week low of 2.82%. Last week, the average rate was 3.16%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.27% will pay 436 per month in principal and interest.

Calculating Mortgage Payments

For much of the population, buying a home means working with a mortgage lender to get a mortgage. It can be tricky to figure out how much you can afford and what you’re paying for.

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

What you can afford depends on a number of factors, including your income, debt, debt-to-income ratio, down payment and credit score.

You also want to consider closing costs, property taxes, insurance costs and ongoing maintenance expenses.

The type of loan you choose can also affect how much house you can afford. When shopping for a loan, think about whether a conventional mortgage, FHA loan, VA loan or USDA loan is best for your particular situation.

Getting Preapproved for a Mortgage

Mortgage preapproval represents a lender’s offer to loan you money based on your financial circumstances and specific terms.

You can start the preapproval process by gathering documents your lender will need, including your:

• • Social Security card
  • Recent W-2 forms
  • Pay stubs
  • Bank statements
  • Tax returns

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