First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. It includes your interest rate plus other charges, such as loan origination fees, private mortgage insurance and points. Your mortgage APR is the total cost of borrowing the money, represented as a yearly percentage rate. It doesn’t include any other fees or charges that are part of your mortgage. The interest rate you pay on your mortgage is how much you pay every year to borrow money, represented as a percentage. The terms APR and interest rate are sometimes used interchangeably, but they’re not the same. Since fees fluctuate from lender to lender and also over time, shop around to get the best APR. The average fees on a 30-year fixed-rate mortgage have fluctuated between 0.6% and 0.9% in the past year, according to Freddie Mac. The APR works by showing borrowers their total borrowing costs with fees, paid points and interest rate combined.
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