Mortgage Rate for May 3, 2024
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Mortgage interest rates have risen across various loan types compared to the previous week, as per Bankrate’s data. Experts now anticipate prolonged higher rates, as the Federal Reserve has signaled a shift away from multiple rate cuts. This trend mirrors movements in the 10-year Treasury yield, influenced by economic conditions and Fed decisions. With the recent Fed meeting yielding no rate cuts, the outlook for mortgage rates leans toward continued increases. Despite this, timing the market remains challenging, and individual circumstances often dictate decisions regarding home purchases and mortgage choices.
Below, we’ve listed the average rates for 30-year and 15-year fixed-rate mortgages. All rate data is accurate as of May 3, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate has risen to 7.36 percent, showing a slight uptick of 6 basis points from last week. It’s worth noting that just one month ago, the average rate was slightly lower at 6.97 percent, indicating recent market fluctuations. Even with this increase, the current rate still supports homeownership, with monthly payments amounting to $689.65 per $100,000 borrowed in principal and interest. This reflects a minor uptick of $4.08 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The current average rate for a 15-year fixed mortgage stands at 6.76 percent, reflecting a slight increase of 5 basis points from the previous week. While monthly payments for this mortgage type are higher, approximately $885 per $100,000 borrowed, opting for this payment structure offers significant advantages. Despite the heightened monthly commitment, borrowers stand to gain substantial benefits throughout the loan’s duration.
Source: Bankrate survey of mortgage lenders.
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 5.49% with a 5.814 APR- available in our mortgage lender network today.
