Annual inflation slowed for a tenth straight month in April, according to the latest Consumer Price Index (CPI) released Wednesday. Consumer prices grew by 4.9%, down from 5% in March, marking the slowest annual pace since April of last year.
As a result of the inflation report, mortgage rates edged down for the second consecutive week. Freddie Mac’s chief economist, Sam Khater, commented that this week’s decline is part of a recent pattern of stability in mortgage rates, which is a welcomed contrast to the substantial surges seen in the previous year.
Today’s Mortgage Rates: May 12, 2023
The mortgage rates for today have shown little change in comparison to those of last week. Mortgage rates for May 12, 2023, are listed below.
- 30 Yr. Fixed: 6.24%
- 15 Yr. Fixed: 5.65%
- 30 Yr. Jumbo: 6.09%
- 5/1 ARM: 6.51%
- 30 Yr. FHA: 5.87%
- 30 Yr. VA: 5.87%
DISCLAIMER: ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. INTEREST RATES ARE SUBJECT TO CHANGE DAILY AND WITHOUT NOTICE. CURRENT INTEREST RATES SHOWN ARE INDICATIVE OF MARKET CONDITIONS AND INDIVIDUAL QUALIFICATIONS AND WILL VARY UPON YOUR LOCK-IN PERIOD, LOAN TYPE, CREDIT SCORE, LOAN TO VALUE, PURPOSE, AND LENDING SOURCE.
30-year fixed-rate mortgages
The interest rate for the 30-year fixed-rate mortgage remains at 6.24%. The 30-year fixed-rate mortgage is the most popular and most common mortgage term in the country. Despite carrying a higher interest rate than the 15-year fixed-rate mortgage, the 30-year fixed-rate mortgage offers a more affordable monthly payment.
15-year fixed-rate mortgages
The average interest rate for a 15-year fixed-rate mortgage is currently 5.65%. In contrast to a 30-year fixed mortgage, a 15-year fixed mortgage offers a shorter repayment term, which may result in a higher monthly payment but less interest paid overall.
30-year jumbo mortgages
The interest rate for a 30-year fixed jumbo loan increased by 19 basis points to 6.09%. Jumbo loans typically carry higher interest rates compared to conventional loans because you’re borrowing a larger amount. However, due to current economic conditions, jumbo loan rates are currently 15 basis points lower than 30-year fixed loan rates.
5/1 adjustable-rate mortgages
The average interest rate for a 5/1 adjustable-rate mortgage (ARM) is 6.51%. Adjustable-rate mortgages tend to have lower interest rates than fixed-rate mortgages, but today’s ARM rate is slightly higher than the average 30-year fixed-rate mortgage. The interest rate on adjustable-rate mortgages can change based on the loan’s terms and market conditions. So, if you plan to sell or refinance your property before the rate changes, choosing an ARM could be a good idea. But if you don’t, you might end up with a higher interest rate if market rates go up.
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