Mortgage Rates Today, May 2, 2024

With mortgage rates high and the Federal Reserve trying to control inflation by keeping the Fed funds rate high, it’s a challenging climate for first-time buyers who want to get on the property ladder and those hoping to upgrade to a more expensive home.

Below, we’ve listed the average rates for 30-year and 15-year fixed-rate mortgages. All rate data is accurate as of May 2, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rates

The average daily mortgage interest rate for Thursday, May 2, 2024, is 7.42% for a 30-year fixed rate. This represents a rise of 7 basis points since last week and continues the three-month trend of thirty-year mortgages remaining above 7%. 

With a fixed rate of 7.42%, a mortgage of $300,000 would result in monthly mortgage payments of $2,081 for the entire 30-year term (excluding additional costs like insurance or taxes).

Today’s 15-year mortgage interest rates

The average daily mortgage interest rate for Thursday, May 2, 2024, is 6.81% for a 15-year fixed rate. This is a slight rise from one week ago when the average rate was 6.67%. 

With a fixed rate of 6.81%, a mortgage of $300,000 would result in mortgage payments of $2,665 each month throughout the 15-year term (excluding additional costs like insurance or taxes).

Source: Bankrate survey of mortgage lenders.