Mortgage Rates for May 28, 2024

At the beginning of the year, experts expected multiple rate cuts in 2024, but that outlook has changed. Fixed mortgage rates now parallel the 10-year Treasury yield, influenced by the economy, inflation, and Federal Reserve decisions. After their meeting on May 1, the Fed decided not to cut rates, despite April CPI data showing only modestly easing inflation, still above the 2 percent target. “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 are often based on personal needs rather than market shifts, so it might be wise to accept higher rates now and refinance later, starting to build equity rather than waiting for potentially more favorable conditions.

All rate data is accurate as of May 28, 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 7.11 percent, marking an increase of 5 basis points compared to last week. Notably, just a month ago, the average rate was higher at 7.36 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $672.71 per $100,000 borrowed in principal and interest, an increase of $3.37 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 6.61 percent, an increase of 11 basis points compared to last week. Monthly payments total $887 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 5.668  APR – available today in our mortgage lender network.