Compare Current Mortgage Rates in May 2024 (2024)

High mortgage rates make it more difficult for prospective buyers to afford to purchase a house.

Mortgage rates fluctuate daily in response to an array of economic data, monetary policy changes and geopolitical events. Rates also vary by borrower, depending on specific factors like your individual credit score, loan type and lender.

If you’re in the market for a new home, comparing multiple loan offers from different lenders can help you get a lower mortgage rate.

Read more: 6 Tips to Snag a 6% Mortgage Rate in a 7% Market

Current mortgage and refinance rates

What are today’s mortgage rates?

ProductInterest rateAPR
5/1 ARM 6.61% 7.93%
30-year fixed-rate FHA 6.92% 6.96%
7/1 ARM 6.87% 8.08%
30-year fixed-rate 7.08% 7.13%
30-year fixed-rate VA 7.11% 7.15%
20-year fixed-rate 6.85% 6.91%
30-year fixed-rate jumbo 7.17% 7.22%
7/1 ARM jumbo 6.81% 7.91%
10/1 ARM 7.20% 8.07%
15-year fixed-rate jumbo 6.69% 6.77%
15-year fixed-rate 6.54% 6.62%
5/1 ARM jumbo 6.64% 7.86%
30-year fixed-rate FHA refinance 7.01% 7.06%
30-year fixed-rate refinance 7.09% 7.14%
7/1 ARM jumbo refinance 6.67% 7.85%
30-year fixed-rate VA refinance 7.61% 7.64%
15-year fixed-rate jumbo refinance 6.76% 6.84%
15-year fixed-rate refinance 6.55% 6.63%
5/1 ARM jumbo refinance 6.54% 7.85%
30-year fixed-rate jumbo refinance 7.18% 7.23%
5/1 ARM refinance 6.49% 7.84%
10/1 ARM refinance 7.24% 8.08%
20-year fixed-rate refinance 6.88% 6.94%
7/1 ARM refinance 6.72% 7.89%

Updated on May 25, 2024.

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country.

Today’s mortgage interest rate trends

Many homebuyers expected mortgage rates would fall in 2024, but there have already been a few bumps in the road. Toward the end of 2023, the Federal Reserve signaled it was prepared to start making cuts to its key short-term interest rate, the federal funds rate, by the spring.

But following several months of disappointing inflation statistics, experts now predict a less aggressive rate-cutting path. Earlier forecasts called for three rate cuts, with the first one early in the summer. Now, it’s likely we’ll see just two cuts by the Fed, but not until later in the year.

Those shifting expectations pushed average 30-year fixed mortgage rates back above 7% after a few months in the 6% range. While the Fed doesn’t set mortgage rates directly, its policy decisions can influence whether borrowing rates go up or down.

While experts still predict mortgage rates to ease, actions by the central bank will depend on incoming economic data. Any shift or sign of price growth could send mortgage rates up again -- and push out the Fed’s plans to cut rates.

“If all goes well, by the time 2025 comes around, we could see mortgage rates closer to 6%, or maybe even lower,” said Jacob Channel, senior economist at LendingTree. But because mortgage rates can be volatile and respond to so many economic factors, Channel warns against too much optimism.

What is a mortgage rate?

Your mortgage rate is the percentage of interest a lender charges for providing the loan you need to buy a home. Multiple factors determine the rate you’re offered. Some are specific to you and your financial situation, and others are influenced by macro market conditions, such as inflation, the Fed’s monetary policy and the overall demand for loans.

What factors determine my mortgage rate?

While the broader economy plays a key role in mortgage rates, some key factors under your control affect your rate:

  • Your credit score: Lenders offer the lowest available rates to borrowers with excellent credit scores of 740 and above. Because lower credit scores are deemed riskier, lenders charge higher interest rates to compensate.
  • The size of your loan: The size of your loan can impact the interest rate you qualify for.
  • The loan term: The most common mortgage is a 30-year fixed-rate loan, which spreads your payments over three decades. Shorter loans, such as 15-year mortgages, typically have lower rates but larger monthly payments.
  • The loan type: The type of mortgage you choose impacts your interest rate. Some loans have a fixed rate for the entire life of the loan. Others have an adjustable rate that have lower rates at the start of the loan but could result in higher payments down the road.

What’s an annual percentage rate for mortgages?

The annual percentage rate, or APR, is usually higher than your loan’s interest rate and represents the true cost of your loan. It includes the interest rate and other costs such as lender fees or prepaid points. So, while you might be tempted with an offer for “interest rates as low as 6.5%,” look at the APR instead to see how much you’re really paying.

Pros and cons of getting a mortgage


  • You’ll build equity in the property instead of paying rent with no ownership stake.

  • You’ll build your credit by making on-time payments.

  • You’ll be able to deduct the interest on the mortgage on your annual tax bill.


  • You’ll take on a sizable chunk of debt.

  • You’ll pay more than the list price -- potentially a lot more over the course of a 30-year loan -- due to interest charges.

  • You’ll have to budget for closing costs to close the mortgage, which add up to tens of thousands of dollars in some states.

How does the APR affect principal and interest?

Most mortgage loans are based on an amortization schedule: You’ll pay the same amount each month for the life of the loan, but the generated interest will be highest at the beginning and will taper as the principal (the amount you borrowed) decreases. Your amortization schedule will show how much of your monthly payment goes to interest and how much pays down the principal. Most borrowers find a fixed, predictable monthly payment more convenient.

Mortgage lenders often publish their rates for different mortgage types, which can help you research and narrow down where you’ll apply for preapproval. But an advertised rate isn’t always the rate you’ll get. When shopping for a new mortgage, it’s important to compare not just mortgage rates but also closing costs and any other fees associated with the loan. Experts recommend shopping around and reaching out to multiple lenders for quotes and not rushing the process.


Most conventional loans require a credit score of 620 or higher, but Federal Housing Administration and other loan types may accommodate borrowers with scores as low as 500, depending on the lender.

Your credit score isn’t the only factor that impacts your mortgage rate. Lenders will also look at your debt-to-income ratio to assess your level of risk based on the other debts you’re paying back such as student loans, car payments and credit cards. Additionally, your loan-to-value ratio plays a key role in your mortgage rate.

A rate lock means your interest rate won’t change between the offer and the time you close on the house. For example, if you lock in a rate at 6.5% today and your lender’s rates climb to 7.25% over the next 30 days, you’ll get the lower rate. A common rate-lock period is 45 days, so you’re still on a tight timeline. Be sure to ask lenders about rate lock windows and the cost to secure your rate.

Mortgage rates are always changing, and it’s impossible to predict the market. However, most experts think mortgage rates will gradually decline over the course of 2024. Fannie Mae predicts the average rate for a 30-year fixed mortgage will end the year at 6.4%.

Compare Current Mortgage Rates in May 2024 (2024)


Compare Current Mortgage Rates in May 2024? ›

On Wednesday, May 29, 2024, the national average 30-year fixed mortgage APR is 7.18%. The average 15-year fixed mortgage APR is 6.71%, according to Bankrate's latest survey of the nation's largest mortgage lenders. On Wednesday, May 29, 2024, the national average 30-year fixed mortgage APR is 7.18%.

What will mortgage rates be in 2024? ›

In Fannie Mae's May housing forecast, the government-sponsored enterprise said it expects 30-year fixed rates to end 2024 at 7% and 2025 at 6.6%. The Mortgage Bankers Association predicts the rate will drop to 6.5% by the end of the year and 5.9% by the end of 2025.

Will mortgage rates ever be 3% again? ›

If inflation falls significantly and the economy enters a deep recession, it is possible that mortgage rates could fall back to 3%. However, this scenario is considered unlikely by most economists.

What are the best current mortgage interest rates? ›

Current mortgage and refinance interest rates
ProductInterest RateAPR
30-Year Fixed Rate7.11%7.16%
20-Year Fixed Rate6.92%6.97%
15-Year Fixed Rate6.64%6.71%
10-Year Fixed Rate6.51%6.58%
5 more rows

What will the mortgage rates be in 2025? ›

Here's where three experts predict mortgage rates are heading: Around 6% or below by Q1 2025: "Rates hit 8% towards the end of last year, and right now we are seeing rates closer to 6.875%," says Haymore. "By the first quarter of 2025, mortgage rates could potentially fall below the 6% threshold, or maybe even lower."

What will mortgage interest rates be in 2026? ›

The 10-year treasury constant maturity rate in the U.S. is forecast to decline by 0.8 percent by 2026, while the 30-year fixed mortgage rate is expected to fall by 1.6 percent. From seven percent in the third quarter of 2023, the average 30-year mortgage rate is projected to reach 5.4 percent in 2026.

Will the Fed lower rates in 2024? ›

As recently as their last meeting on March 20, the officials had projected three rate reductions in 2024, likely starting in June. But given the persistence of elevated inflation, financial markets now expect just one rate cut this year, in November, according to futures prices tracked by CME FedWatch.

What will interest rates look like in 5 years? ›

ING's interest rate predictions indicate 2024 rates starting at 4%, with subsequent cuts to 3.75% in the second quarter. Then, 3.5% in the third, and 3.25% in the final quarter of 2024. In 2025, ING predicts a further decline to 3%.

What are the interest rates for FHA in 2024? ›

For most of early 2024, FHA mortgage rates have hovered around 7 percent.

How to get the lowest mortgage rate? ›

7 ways to get a lower mortgage rate
  1. Shop for mortgage rates. ...
  2. Improve your credit score. ...
  3. Choose your loan term carefully. ...
  4. Make a larger down payment. ...
  5. Buy mortgage points. ...
  6. Lock in your mortgage rate. ...
  7. Refinance your mortgage.

What is the highest mortgage rate ever? ›

What's the Highest Mortgage Rate in History? From 1971 to present, the highest average mortgage rate ever recorded was 18.63% in October 1981. Mortgage rates held steady above 18% in the two-month span between Sept. 10 and Nov.

Should I lock my mortgage rate today? ›

Once you find a rate that is an ideal fit for your budget, lock in the rate as soon as possible. There is no way to predict with certainty whether a rate will go up or down in the weeks or even months it sometimes takes to close your loan.

How low will mortgage rates go in 2024? ›

Mortgage rate predictions 2024

The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.4% to 6.7% range throughout the rest of 2024, and Fannie Mae is forecasting the same. NAR believes rates will average 7.1% this quarter and fall to 6.5% by the end of 2024.

Will my mortgage go up in 2024? ›

The mortgage rate forecast for 2024 is that rates are expected to go down, although it may take longer than had previously been hoped. In May 2024 we have seen rates on fixed-rate mortgages increase for several months following many months of rates falling. However, the picture could soon improve for homeowners.

Do mortgage rates go down in a recession? ›

For people looking to buy a home, a recession can bring some advantages. When the economy is not doing well, home prices often drop, which can be good news for those who want to find a good deal; plus, during recessions, mortgage rates usually stay low, meaning buyers can get a home with lower monthly payments.

Will mortgage rates ever hit 4 again? ›

If those projections remain and the Fed begins to lower its key rate, mortgage rates will presumably follow suit. Sunbury predicts the Fed will cut rates by between 100 to 125 basis points starting in May or June of 2024. “This would bring the policy rate to 4% to 4.25%,” Sunbury explains.

Will mortgage rates go below 5 again? ›

But until the Fed sees evidence of slowing economic growth, interest rates will stay higher for longer. The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025.

When was the last time mortgage rates were 3 percent? ›

The lowest interest rate for a mortgage in history came in 2020 and 2021. In response to the COVID-19 pandemic and subsequent lockdowns, the 30-year fixed rate dropped under 3% for the first time since 1971, when Freddie Mac first began surveying mortgage lenders.

Will personal loan rates go down in 2024? ›

While there isn't a direct relationship between personal loan rates and the Fed's actions, they certainly tend to move in the same direction. If the federal funds rate falls in 2024, we may see lower rates on personal loans.


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