Mortgage Rates for May 8, 2024
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Bankrate’s latest data shows a general decrease in national mortgage rates compared to the previous week, with 30-year fixed, 15-year fixed, and jumbo loans declining, while adjustable rate mortgages experienced slight increases. Despite earlier predictions of multiple rate cuts in the year, experts now anticipate rates to remain elevated for extended periods. The correlation between fixed mortgage rates and the 10-year Treasury yield indicates their sensitivity to economic conditions, inflation, and Federal Reserve policies. With the recent Fed meeting maintaining interest rates, there’s a growing sentiment that multiple rate cuts are unlikely shortly, potentially leading to higher long-term mortgage rates. Ultimately, while attempting to predict mortgage rate movements can be challenging, individuals should consider their specific needs and circumstances when deciding on home purchases, weighing the option of accepting current rates and later refinancing against waiting for potentially lower rates.
All rate data is accurate as of May 8, 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 7.25 percent, marking a decrease of 11 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.01 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $682.12 per $100,000 borrowed in principal and interest. This represents a marginal increase of $7.47 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 6.69 percent, a decrease of 10 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $882 per $100,000 borrowed, 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 5.692 APR- available today in our mortgage lender network.
