Mortgage Rates for May 22, 2024

Experts now expect interest rates to remain elevated for extended periods, contrary to earlier predictions of multiple rate cuts. Fixed mortgage rates typically move in tandem with the 10-year Treasury yield, which is influenced by economic conditions, inflation, and Federal Reserve decisions. Despite inflation slowing according to the latest April Consumer Price Index data, it still hasn’t reached the Fed’s target of 2 percent, leading policymakers to maintain current rates after their May 1 meeting. “The market reacted positively to the slightly lower CPI, reflecting a ‘buy on any positive news’ mentality,” says Dick Lepre of RealFinity. It might be wiser for prospective homebuyers to accept higher rates now and refinance later, allowing them to start building equity rather than waiting for uncertain future rate reductions and potentially higher home prices.

All rate data is accurate as of May 22, 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 7.02 percent, marking a decrease of 15 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 $666.65 per $100,000 borrowed in principal and interest, a decrease of $10.11 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 6.48 percent, a decrease of 19 basis points compared to last week. Monthly payments total $870 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 5.756 APR – available today in our mortgage lender network.