Mortgage Rates for May 13, 2024

Bankrate’s data reveals a nationwide decrease in mortgage rates across various loan terms compared to the previous week. Initially, anticipated rate cuts for 2024 have shifted, with the Federal Reserve maintaining its stance during the recent May 1 meeting. Ken Johnson from Florida State University suggests the Fed’s reluctance to allow further rate cuts could impact long-term mortgage rates, correlating with fluctuations in the 10-year Treasury yield. Timing the market for mortgage rates proves challenging, emphasizing the importance of individual needs when considering home purchases. Some may now opt for a higher rate to commence equity building rather than waiting for potential affordability changes.

All rate data is accurate as of May 13, 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 7.18 percent, marking a decrease of 16 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.13 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $677.43 per $100,000 borrowed in principal and interest. This represents a marginal increase of $10.86 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, a decrease of 12 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $878 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 5.708 APR, available today in our mortgage lender network.

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