Mortgage Rates for May 23, 2024
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Experts now predict interest rates will stay high for an extended period, reversing earlier expectations of multiple rate cuts. Fixed mortgage rates follow the 10-year Treasury yield, fluctuating with economic conditions, inflation, and Federal Reserve decisions. After their May 1 meeting, the Fed chose not to cut rates despite the April Consumer Price Index showing slower inflation that still has yet to reach the Fed’s 2 percent target. “The market is enthusiastic about the slightly lower CPI, reflecting a tendency to ‘buy on any positive news,'” says Dick Lepre of RealFinity. It might be wise for potential homebuyers to accept higher rates now and refinance later to start building equity rather than waiting for potentially more favorable rates and home prices.
All rate data is accurate as of May 23, 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 7.03 percent, marking a decrease of 10 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 $667.32 per $100,000 borrowed in principal and interest, a decrease of $6.74 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 6.43 percent, a decrease of 14 basis points compared to last week. Monthly payments total $867 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 5.682 APR – available today in our mortgage lender network.
