Mortgage Rates for May 10, 2024
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Bankrate’s latest data shows a decrease in average mortgage rates across all loan terms compared to the previous week. Initially, anticipated rate cuts for 2024 have shifted, with the Federal Reserve holding steady during its recent meeting, impacting long-term mortgage rates. Ken Johnson from Florida State University notes the Fed’s reluctance to implement multiple rate cuts, potentially leading to increased mortgage rates due to higher Treasury yields. Timing the market for mortgage rates is challenging, prompting consideration of individual needs when purchasing a home. Some may now opt for a higher rate to build equity rather than wait for potential affordability changes.
All rate data is accurate as of May 10, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate has climbed to 7.14 percent, marking a decrease of 22 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.05 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $674.73 per $100,000 borrowed in principal and interest. This represents a marginal increase of $14.92 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.53 percent, a decrease of 23 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $873 per $100,000 borrowed, choosing this repayment plan presents notable advantages.
Consumers should shop around to get the best deal. Rates below national averages are available.
FreeRateUpdate.com has verified fixed mortgage rates as low as 5.375% with a 5.707 APR, which are available today in our mortgage lender network.
