Mortgage Rates for May 16, 2024
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Mortgage rates showed mixed movements this week, with 15-year and ARM loans rising, while 30-year and jumbo loan rates fell, according to Bankrate. Experts predicted multiple rate cuts for 2024 at the year’s start, but this outlook has changed. Fixed mortgage rates often move in tandem with the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve decisions. Despite a slight slowdown in April’s inflation, it’s still above the Fed’s 2 percent target, leading policymakers to hold rates steady at their May 1 meeting. “The market was enamored with a slightly lower CPI,” notes Dick Lepre of RealFinity, suggesting buyers might consider taking current higher rates and refinancing later to start building equity sooner.
All rate data is accurate as of May 16, 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 7.13 percent, marking a increase of 6 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.26 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $674.06 per $100,000 borrowed in principal and interest. This represents a marginal increase of $4.05 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 6.57 percent, a increase of 3 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $875 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 5.250% with a 5.569 APR, available today in our mortgage lender network.
