Mortgage Rates for May 20, 2024
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Mortgage rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans have all decreased compared to last week, according to Bankrate. The shift in fixed mortgage rates mirrors changes in the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve decisions. Following the Fed’s decision on May 1 to maintain current rates and the release of April’s CPI data showing easing inflation, the market responded positively. “The market was enamored with a slightly lower CPI,” notes Dick Lepre of RealFinity, reflecting a tendency to react favorably to any positive news. Personal needs rather than market conditions often drive home-buying decisions, so it might be prudent to buy now at a higher rate and refinance later to start building equity.
All rate data is accurate as of May 20, 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 7.04 percent, marking a decrease of 14 basis points compared to last week. Notably, just a month ago, the average rate was higher at 7.30 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $667.99 per $100,000 borrowed in principal and interest. This represents a decrease of $9.44 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 6.47 percent, a decrease of 15 basis points compared to last week. Monthly payments total $869 per $100,000 borrowed at this rate, so 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 5.565 APR – available today in our mortgage lender network.
