Mortgage Rates for May 21, 2024

The predictions for multiple rate cuts from the start of the year have faded, with many experts now expecting rates to stay higher for longer. Economic conditions, inflation, and Federal Reserve decisions influence fixed mortgage rates, which move in tandem with the 10-year Treasury yield. After the Fed meeting on May 1, policymakers chose not to cut rates. Although April’s Consumer Price Index data shows easing inflation, it still has not reached the Fed’s 2 percent target. According to Dick Lepre of RealFinity, the market reacts positively to even modestly lower CPI figures, reflecting a “buy on any positive news” mentality.

All rate data is accurate as of May 21, 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 7.06 percent, marking a decrease of 15 basis points compared to last week. Notably, just a month ago, the average rate was higher at 7.29 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $669.34 per $100,000 borrowed in principal and interest. This represents a decrease of $10.13 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 6.50 percent, a decrease of 5 basis points compared to last week. Monthly payments total $653 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 5.375% with a 5.722 APR – available today in our mortgage lender network.