These are today’s mortgage and refinance rates. Mortgage rates are down this week, but whether they’ll fall further depends on how inflation trends.
Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. But depending on how some incoming inflation data shakes out, we could see mortgage rates fluctuate next week.
Mortgage rates are unlikely to drop substantially until inflation slows further. On Wednesday, the Bureau of Labor Statistics will release April’s Consumer Price Index data. If prices rose faster than expected last month, mortgage rates could tick up. But according to the Federal Reserve Bank of Cleveland’s inflation nowcast, core CPI may show some signs of slowing in April’s report. This would be good news for mortgage rates.
As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. Investors are currently betting that the first Fed cut will come in September, according to the CME FedWatch Tool. This means mortgage rates could start trending down later this year.Current Mortgage RatesCurrent Refinance RatesMortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
Click « More details » for tips on how to save money on your mortgage in the long run.Mortgage Rates for Buying a Home30-Year Fixed Mortgage Decrease Somewhat (-0.18%)
The current average 30-year fixed mortgage rate is 6.85%, down 18 points from where it was this time last week, according to Zillow data. This rate is up compared to a month ago, when it was 6.61%.
At 6.85%, you’ll pay $655 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.20-Year Fixed Mortgage Rates Drop (-0.38%)
The average 20-year fixed mortgage rate is 38 points down from where it was last week, and is sitting at 6.33%. This time last month, the rate was 6.30%.
With a 6.33% rate on a 20-year term, your monthly payment will be $736 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.15-Year Fixed Mortgage Rates Go Down (-0.18%)
The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. It’s flat compared to this time last month, when it was 6.
