Mortgage Rates Fluctuate in May 2023.

Mortgage rates for home purchases and refinancing have fallen across all key terms since yesterday, with 30-year fixed mortgage rates dropping by half a percentage point to 6.125%. Homebuyers looking for a smaller monthly payment should consider 20-year terms over 30-year terms, while borrowers who want to save the most on interest rates should consider 15-year terms. Homeowners with mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. Credible, a personal finance marketplace, provides current mortgage rates from multiple lenders without affecting credit scores.