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Mortgage rates this week
Mortgage rates went up in the week ending May 2 as markets continue to come to grips with the persistence of inflation.
The 30-year fixed-rate mortgage averaged 7.32% APR, up nine 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 6.55% APR, up eight basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 8.13% APR, up 29 basis points from the previous week's average.
The Federal Reserve kept short-term interest rates unchanged on May 1. The central bank noted that the inflation rate has stopped dropping in recent months after falling through much of 2023. The Fed is unlikely to cut rates before autumn, which means that mortgage rates could remain stubbornly high, too.
Mortgage loans from our partners
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Mortgage loans from our partners
on New American Funding
New American Funding
on New American Funding
on Rocket Mortgage
Rocket Mortgage
on Rocket Mortgage
May mortgage rate forecast
Mortgage rates will probably remain above 7% in May as inflation resists the Federal Reserve's efforts to bring it under control.
What other forecasters predict
Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all predict that mortgage rates will fall over the next 12 months. Their forecasts have the 30-year fixed-rate mortgage dropping to below 6.5% in the first quarter of 2025, compared with an average of 6.75% in the first quarter of this year.
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