Mortgage Interest Rates Forecast

Kate Wood
By Kate Wood 
Updated
Edited by Mary Makarushka

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

MORE LIKE THISMortgages

Mortgage rates this week

Mortgage rates fell the week ending May 16, as the latest inflation numbers were in line with market expectations.

  • The 30-year fixed-rate mortgage averaged 6.98% APR, down five basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

  • The 15-year fixed-rate mortgage averaged 6.21% APR, down four basis points from the previous week's average.

  • The 5-year adjustable-rate mortgage averaged 7.9% APR, down two basis points from the previous week's average.

The Bureau of Labor Statistics released the latest Consumer Price Index on Wednesday, which showed the rate of inflation moderating slightly from 3.5% in March to 3.4% in April. While that's still markedly higher than the Federal Reserve's 2% goal, it's a potentially encouraging sign.

If inflation continues to slow, the likelihood of the Federal Reserve cutting interest rates should increase. Mortgage rates could then head downward in anticipation of a lower rate environment.

Mortgage loans from our partners

New American Funding - PURCHASE logo
Check Rate

on New American Funding

New American Funding

4.5

NerdWallet rating 
New American Funding - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
500

Min. down payment 
3.5%

Check Rate

on New American Funding

NBKC - PURCHASE logo
Check Rate

on NBKC

NBKC

4.5

NerdWallet rating 
NBKC - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on NBKC

Prosperity Home Mortgage - PURCHASE logo
Check Rate

on Prosperity Home Mortgage

Prosperity Home Mortgage

4.0

NerdWallet rating 
Prosperity Home Mortgage - PURCHASE logo

4.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 

0%

Check Rate

on Prosperity Home Mortgage

Veterans United - PURCHASE logo
Check Rate

on Veterans United

Veterans United

4.5

NerdWallet rating 
Veterans United - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
0%

Check Rate

on Veterans United

Better - PURCHASE logo
Check Rate

on Better

Better

4.5

NerdWallet rating 
Better - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on Better

Mortgage loans from our partners

New American Funding - PURCHASE logo
Check Rate

on New American Funding

New American Funding

4.5

NerdWallet rating 
New American Funding - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
500

Min. down payment 
3.5%

Check Rate

on New American Funding

NBKC - PURCHASE logo
Check Rate

on NBKC

NBKC

4.5

NerdWallet rating 
NBKC - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on NBKC

Prosperity Home Mortgage - PURCHASE logo
Check Rate

on Prosperity Home Mortgage

Prosperity Home Mortgage

4.0

NerdWallet rating 
Prosperity Home Mortgage - PURCHASE logo

4.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 

0%

Check Rate

on Prosperity Home Mortgage