Mortgage Rates for May 15, 2024

Bankrate’s recent data indicates a decline in mortgage interest rates, particularly for 30-year fixed, 15-year fixed, and jumbo loans, although adjustable rate mortgages experienced a slight increase. Initially, anticipated rate cuts for 2024 have been reconsidered, aligning with the Federal Reserve’s decision to maintain rates during its latest meeting in May. This shift reflects the correlation between fixed mortgage rates and the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve policies. Ken Johnson from Florida State University suggests that the Fed’s reluctance to cut rates further may increase long-term mortgage rates due to higher Treasury yields. Regardless of rate fluctuations, the decision to purchase a home often depends on individual circumstances, with some opting to secure a higher rate now to begin building equity rather than waiting for potential affordability changes.

All rate data is accurate as of May 15, 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 a decrease of 8 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.22 percent, underscoring recent fluctuations in the market. At this rate, monthly payments total $676.76 per $100,000 borrowed in principal and interest. This represents a marginal increase of $5.42 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 6.67 percent, a decrease of 2 basis points compared to last week. Although monthly payments for this mortgage option are higher, around $880 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 5.250% with a 5.520 APR, available today in our mortgage lender network.

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