Mortgage Rates for May 30, 2024
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Earlier predictions of multiple rate cuts this year are fading, as many experts now expect rates to remain higher for longer. Fixed mortgage rates, closely tied to the 10-year Treasury yield, fluctuate with investor sentiment, economic conditions, inflation, and Federal Reserve actions. Following the Fed’s decision on May 1 to maintain current rates, recent CPI data for April showed a decline in inflation, though it remains above the Fed’s 2 percent target. “The market reacted positively to the slightly lower CPI, reflecting a ‘buy on any positive news’ mindset,” says Dick Lepre of RealFinity. Despite market fluctuations, home-buying decisions often hinge on personal needs, making it sensible for some to accept higher rates now and refinance later to begin building equity.
All rate data is accurate as of May 30, 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 7.17 percent, marking an increase of 14 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 $676.76 per $100,000 borrowed in principal and interest, an increase of $9.44 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 6.62 percent, an increase of 19 basis points compared to last week. At this rate, monthly payments total $878 per $100,000 borrowed, 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 5.490% with a 5.805 APR – available today in our mortgage lender network.
