Mortgage interest rates have remained steady over the past 30 days. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages is 6.81%, virtually unchanged from 6.83% a month ago. However, predictions for future interest rate movements are still uncertain.
Compared to the long-term average rate of 7.71%, homeowners are saving roughly $61 per month for every $100,000 borrowed. Additionally, mortgages are now more affordable than they were a year ago. Over the past year, the average monthly payment on a $100,000 30-year fixed-rate mortgage has decreased by about $12. If you were to take out a maximum conventional mortgage today ($806,500), your monthly payment would be around $97 less than it would have been in May 2024.