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Popular terms drive rates higher

Average Mortgage Rates Update: May 30, 2024

The latest data on mortgage rates for popular 30-year and 15-year terms shows an increase as of Thursday, May 30, 2024. The average rate for a 30-year fixed mortgage is now at 7.17% for purchase and 7.18% for refinance, up from 7.03% and 7.06% respectively last week. Similarly, rates on a 15-year mortgage have risen to an average of 6.62% for purchase and 6.63% for refinance, compared to 6.43% and 6.49% the previous week. The average rate on a 30-year fixed jumbo mortgage is now at 7.22%.

Freddie Mac’s weekly mortgage report also shows a decrease in rates, with an average of 6.94% for a 30-year fixed-rate mortgage, down from 7.02% the previous week. The fixed rate for a 15-year mortgage is now at 6.24%, down from 6.28%. These figures are higher than a year ago, indicating a trend of increasing rates.

The Federal Reserve’s target interest rate plays a significant role in determining mortgage rates, with the Fed holding the benchmark rate unchanged at a 23-year high of 5.25% to 5.50%. The Fed’s focus on achieving a 2% inflation goal influences its decisions on rate adjustments.

Looking ahead, it is expected that the Federal Reserve will maintain the current rate at its next policy meeting in June. Factors such as inflation trends and job market data will continue to impact the Fed’s decisions on rate adjustments.

In the housing market, a recent antitrust settlement with the National Association of Realtors may offer hope to prospective homebuyers by allowing for negotiation of real estate broker commissions starting in July.

Overall, mortgage rates are influenced by various factors such as inflation, economic conditions, and the Federal Reserve’s policies. It is advisable for potential homebuyers to monitor these factors and lock in a rate when comfortable with the conditions of their mortgage or home loan.


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