Mortgage Rates for May 31, 2024

Multiple rate cuts were predicted at the beginning of the year, but experts now expect rates to remain higher for longer. Fixed mortgage rates follow the 10-year Treasury yield, which fluctuates with the economy, inflation, and Federal Reserve decisions. On May 1, the Fed decided not to cut rates; the following announcement is on June 12. Dick Lepre of RealFinity notes that markets predict only one rate cut for the rest of 2024, with rates staying flat after that. Despite market conditions, buying a home often depends on personal needs, and it might be better to purchase now and refinance later to start building equity.

All rate data is accurate as of May 31, 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 13 basis points compared to last week. Notably, just a month ago, the average rate was higher 

at 7.34 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 $8.77 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 6.63 percent, an increase of 16 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.