Mortgage Rates for May 24, 2024
Written By
The direction of mortgage rates has shifted, closely mirroring the 10-year Treasury yield, which fluctuates with the economy, inflation, and Federal Reserve decisions. At their latest meeting on May 1, the Fed chose not to cut rates, despite recent CPI data indicating easing inflation, though still above the desired 2 percent. “The market was enamored with a slightly lower CPI. We are in a ‘buy on any positive news no matter how modest’ state,” says Dick Lepre of RealFinity. Home buying decisions often hinge more on personal needs than market conditions, and it might be wise to accept higher rates now and refinance later, allowing you to start building equity immediately.
All rate data is accurate as of May 24, 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 an increase of 2 basis points compared to last week. Notably, just a month ago, the average rate was higher at 7.32 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $667.99 per $100,000 borrowed in principal and interest, an increase of $1.34 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, an increase of 3 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 5.596 APR – available today in our mortgage lender network.
