Mortgage interest rates have trended slightly downward over the past 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages is 7.02%, compared to 7.10% a month ago. Forecasts for future interest rate changes remain mixed.
Comparing monthly payments at today’s rates with the long-term average of 7.74%, homeowners are currently saving about $48 per month per $100,000 borrowed. However, mortgages are more expensive now than they were a year ago. Over the past year, the average increase in monthly payments per $100,000 borrowed with a 30-year fixed-rate mortgage is approximately $22. If you max out a conventional mortgage, your monthly payment will be about $170 more now than it would have been in May 2023.