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Interest rates for the most popular 30-year fixed mortgage averaged around 6.76% in May 2024, according to Zillow data. Rates for 15-year mortgages, which are also relatively popular, were 6.07%. Rates have been trending lower this month.
The average monthly mortgage payment is currently $2,883 for a 30-year fixed mortgage, based on recent home price and mortgage rate data.
Mortgage rates are always changing, and there are a lot of factors that can sway your interest rate. Some of them are personal factors you have control over and some aren’t.
Most experts believe that mortgage rates will go down in 2024, though we may not see rates drop until later on in the year.
Average mortgage rates today
See how mortgage rates are trending today.
While average mortgage and refinance rates can give you an idea of where rates are currently at, remember that they’re never a guarantee of the rate a lender will offer you. Mortgage interest rates vary by borrower, based on factors like your credit, loan type, and down payment.
To get the best rate for you, you’ll want to get quotes from multiple lenders.
How are mortgage rates determined?
Multiple factors affect…
