Mortgage Rates for May 6, 2024
Bankrate’s data shows that average mortgage rates saw mostly upward movement compared to last week, with increases in 30-year fixed, 5/1 ARMs, and jumbo loans, while rates for 15-year fixed mortgages decreased. Initial predictions for multiple rate cuts in 2024 have shifted, influenced by the Federal Reserve’s decision not to cut rates during their recent meeting. The correlation between fixed mortgage rates and the 10-year Treasury yield suggests that investor sentiment regarding the economy, inflation, and Fed decisions impacts rate movements. Despite fluctuations, timing the market for mortgage rates remains challenging, prompting consideration of individual needs when deciding to buy a home and potentially opt for a higher rate with the option to refinance later. This approach allows homeowners to begin building equity rather than banking on uncertain future rates and price trends.
All rate data is accurate as of May 6, 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 7.43 percent, marking a slight increase of 2 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 7.02 percent, underscoring recent fluctuations in the market. Despite this uptick, the current rate remains conducive to homeownership, with monthly payments totaling $688.29 per $100,000 borrowed in principal and interest. This represents a marginal increase of $1.36 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 6.74 percent, a minor decrease of 1 basis point compared to last week. Although monthly payments for this mortgage option are higher, around $884 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 5.697 APR- available today in our mortgage lender network.
