Mortgage Rates for May 1, 2024: Treasury Yield Fluctuates

National mortgage rates saw a mostly upward trend compared to the previous week, as per Bankrate’s data. Rates for 30-year fixed, 15-year fixed, and jumbo loans increased, while 5/1 ARM rates decreased. Some analysts are revising their earlier predictions of lower mortgage rates for this year. These fixed mortgage rates are closely tied to the 10-year Treasury yield, which fluctuates based on investor sentiment about the economy, inflation, and Federal Reserve decisions. Despite the Fed’s expectation to cut rates in 2024, they chose not to do so at their recent meeting due to inflation not yet reaching their 2 percent target. The upcoming Fed meeting today, May 1, coincides with the start of the busy homebuying season, and while timing the market for mortgage rates can be challenging, it may make sense for some buyers to accept a higher rate now and refinance later to begin building equity sooner rather than hoping for a more affordable market.

Loan Type	Today’s Rate	Last Week’s Rate	Change
30 Yr. Fixed	7.36	7.29	+0.07
15 Yr. Fixed	6.79	6.72	+0.07
30 Yr. Jumbo	7.41	7.35	+0.06
5/1 ARM	6.66	6.69	-0.03

These rates are marketplace averages. Actual rates available on-site may vary. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States. All rate data accurate as of Tuesday, April 30, 2024, at 7:30 a.m. ET.

30-year mortgage rate moves upward, +0.07

Today, the average 30-year fixed mortgage rate has climbed to 7.36 percent, marking a modest increase of 7 basis points from the prior week. Notably, just one month ago, the average rate stood slightly lower at 6.95 percent, underscoring recent market fluctuations. 

Despite this uptick, the current rate remains conducive to homeownership, with monthly payments totaling $689.65 per $100,000 borrowed in principal and interest, representing a marginal increase of $4.76 per $100,000 compared to last week.

15-year mortgage rate trends upward, +0.07

The current average rate for a 15-year fixed mortgage is at 6.79 percent, showing a slight uptick of 7 basis points from the prior week. Although monthly payments for this type of mortgage are higher, amounting to approximately $887 per $100,000 borrowed, this payment arrangement comes with notable advantages. Despite the increased monthly obligation, borrowers can reap substantial benefits over the loan’s term.

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 5.625% with a 5.969 APR- available in our mortgage lender network today.

All rate data accurate as of Tuesday, April 30, 2024, at 7:30 a.m. ET.