Mortgage Rates Ease to lowest level in over three weeks

By Dennis Norman, on May 3rd, 2024

Interest rates for a 30-year fixed-rate conventional mortgage declined to 7.28% today, down from their five-month high of 7.52%, reached just over a week ago. Today’s rate marks the lowest since April 9, when the interest rate on a 30-year fixed-rate mortgage stood at 7.06%.

Although the accompanying chart traces the trajectory of interest rates over the past 40 years, extending back to 1980, it does not predict their future movements. The direction of mortgage rates is influenced by a myriad of factors including, but not limited to, Federal Reserve policies, inflation expectations, and global economic conditions. Currently, experts are closely monitoring the Fed’s monetary policy adjustments in response to inflation rates. Historical data suggests that significant shifts in policy can lead to rapid changes in mortgage rates. Therefore, potential homebuyers and investors should stay informed through reliable financial news sources and consult with seasoned real estate professionals, such as those at my company, MORE, REALTORS®, to navigate the complexities of the mortgage market effectively.

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Mortgage Interest Rates – 1980 – Present

(click on chart for entire live, interactive chart)

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