Mortgage Rates for May 29, 2024
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The direction of mortgage rates has shifted, influenced by the 10-year Treasury yield, which fluctuates with economic conditions, inflation, and Federal Reserve decisions. After the latest Fed meeting on May 1, policymakers chose not to cut rates. April’s Consumer Price Index (CPI) data indicates declining inflation but hasn’t reached the Fed’s 2 percent target. “The market reacted positively to the slightly lower CPI, showing a tendency to buy on any positive news,” says Dick Lepre of RealFinity. Despite market changes, buying a home often depends on personal needs, and it might be wise to accept higher rates now and refinance later to start building equity.
All rate data is accurate as of May 29, 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 7.13 percent, marking an increase of 11 basis points compared to last week. Notably, just a month ago, the average rate was higher at 7.37 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $674.06 per $100,000 borrowed in principal and interest, an increase of $7.41 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 6.64 percent, an increase of 16 basis points compared to last week. Monthly payments total $879 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 5.745 APR – available today in our mortgage lender network.
