Mortgage Interest Rates Forecast

Mortgage rates today: Tuesday, May 30, 2023

On Tuesday, May 30, 2023, the average interest rate on a 30-year fixed-rate mortgage jumped 33 basis points to 7.276% APR. The average rate on a 15-year fixed-rate mortgage rose nine basis points to 6.24% APR, and the average rate on a 5-year adjustable-rate mortgage rose two basis points to 7.5% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 55 basis points higher than one week ago and 158 basis points higher than one year ago. A basis point is one one-hundredth of one percent. Rates are expressed as an annual percentage rate, or APR.

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Mortgage rates this week

Mortgage rates rose in the week ending May 25, with fixed rates reaching their highest levels since early March.

• The 30-year fixed-rate mortgage averaged 6.82% APR, up 19 basis points from the previous week's average.

• The 15-year fixed-rate mortgage averaged 5.98% APR, up 29 basis points from the previous week's average.

• The 5-year adjustable-rate mortgage averaged 7.46% APR, up 23 basis points from the previous week's average.

The 30-year fixed-rate, the most popular mortgage, averaged about 6.6% in April and about 6.7% so far this month, up about 1.5 percentage points compared with April and May of 2022.

While rates are higher this spring, housing prices are generally flat compared with a year ago — up slightly in some regions and down in others.

The national median price for existing homes — those owned and occupied before going on sale — was $388,800 in April, 1.7% lower than a year ago, according to the National Association of Realtors. April was the third consecutive month that the NAR reported a slight year-over-year price decline, and February was the first month that the price had ebbed in over a decade.

Price trends vary by region, with 2.8% and 1.8% year-over-year gains in the Northeast and Midwest, respectively. In the South, the median price slid by less than 1%; in the West, the median price dropped 8% from April 2022. Despite that drop, the West remains the most expensive region, with the median price averaging $578,200 in April.

Although home prices aren't skyrocketing, the market is still competitive for buyers due to a shortage of homes for sale. In April, there was a 2.9-month supply, meaning that it would take almost three months for all the homes to sell at the current pace. That's a little better than the 2.6-month supply in March but still below the five- to six-month supply that's considered a balanced market with plenty of buyers and homes for sale.

If you're considering buying a home, get preapproved for a mortgage before shopping. Real estate agents and sellers won't take you seriously without evidence that you can qualify for financing.

Then choose a buyer's real estate agent with deep experience in the local market. A good agent will help you find homes in your price range, write realistic offers and negotiate with sellers to get the best deal.