Mortgage Rates for May 7, 2024
According to Bankrate’s data, mortgage interest rates have generally decreased compared to the previous week, with declines seen in average rates for 30-year fixed, 15-year fixed, and jumbo loans, although ARM loan rates have risen. Initial forecasts for multiple rate cuts in 2024 have shifted, with experts now noting a departure from this expectation. The movement of fixed mortgage rates closely mirrors fluctuations in the 10-year Treasury yield, influenced by economic conditions, inflation, and Federal Reserve policies. With the recent Fed meeting indicating a reluctance to lower rates, long-term mortgage rates could face upward pressure due to a more hawkish stance. Despite market uncertainties, making decisions about purchasing a home often hinges on individual circumstances, with considerations including the need to start building equity versus waiting for potentially more favorable rates and home prices in the future.
All rate data is accurate as of May 7, 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 7.33 percent, marking a slight decrease of 2 basis points compared to last week. Notably, just a month ago, the average rate was slightly lower at 6.97 percent, underscoring recent fluctuations in the market. Despite this uptick, the current rate remains conducive to homeownership, with monthly payments totaling $687.61 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 decrease of 9 basis points 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 5.711 APR- available today in our mortgage lender network.
