Here Are Today’s Mortgage Rates on May 24, 2023: Rates Move Up

A few major mortgage rates moved higher over the last seven days. The average interest rates for both 15-year fixed and 30-year fixed mortgages increased. At the same time, average rates for 5/1 adjustable-rate mortgages also rose.

On the heels of cooling inflation, the Federal Reserve announced on May 3 a 25-basis-point increase to its benchmark short-term interest rate. The Fed’s May meeting marks what could be the last increase we see for the time being. The central bank has signaled that it may soon be time to pause on rate hikes….