Mortgage Rates for May 14, 2024
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Bankrate’s data reveals a recent decline in mortgage interest rates across various terms, including 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans. Initially anticipated, multiple rate cuts in 2024 are no longer expected, as the Federal Reserve has adopted a less accommodative stance. The movement of fixed mortgage rates closely follows the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve decisions. Ken Johnson of Florida State University said a hawkish Fed could elevate long-term mortgage rates by increasing Treasury yields. Despite market fluctuations, the decision to purchase a home often hinges on individual needs, with some opting to secure a higher rate now and refinance later to initiate equity accumulation rather than banking on future rate reductions and home price changes.
All rate data is accurate as of May 14, 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 7.21 percent, marking a decrease of 12 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.20 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $679.47 per $100,000 borrowed in principal and interest. This represents a marginal increase of $8.14 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 6.71 percent, a decrease of 3 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $883 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 5.710 APR, available today in our mortgage lender network.
