Mortgage rate update - May 17

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mortgage rate update

Current mortgage rates for 30-year fixed mortgages decreased this week, with the current rate borrowers were quoted on Zillow at 3.40 percent, down 1 basis point from last week.

The 30-year fixed mortgage hovered around 3.41 percent before dipping to the current rate.

"Mortgage rates held near three-year lows last week as minimal incoming economic news provided little motive for rates to move decisively in either direction," said Erin Lantz, vice president of mortgages at Zillow. "This week markets are likely to focus on Wednesday's inflation data and Friday's Fed speeches."

Additionally, the 15-year fixed mortgage rate was 2.61 percent, and for 5/1 ARMs, the rate was 2.64 percent.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

RELATED: Salary to buy a home in 19 major US cities

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Salary to buy a home in 19 major US cities
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Mortgage rate update - May 17

19. San Antonio

Population: 1,409,000

Median Home Price: $192,100

Monthly Mortgage Payment: $1,096

Salary Needed to Buy: $46,000

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18. Orlando

Population: 255,483

Median Home Price: $205,000

Monthly Mortgage Payment: $1,115

Salary Needed to Buy: $48,000

Photo via AOL

17. Minneapolis

Population: 407,207

Median Home Price: $223,700

Monthly Mortgage Payment: $1,172

Salary Needed to Buy: $50,500

Photo via AOL

16. Philadelphia

Population: 1,517,628

Median Home Price: $213,700

Monthly Mortgage Payment: $1,204

Salary Needed to Buy: $51,500

Photo via Getty

15. Dallas

Population: 2,518,638

Median Home Price: $206,200

Monthly Mortgage Payment: $1,208

Salary Needed to Buy: $52,000

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14. Houston

Population: 2,076,189

Median Home Price: $209,200

Monthly Mortgage Payment: $1,217

Salary Needed to Buy: $52,000

Photo via Getty

13. Baltimore

Population: 640,064

Median Home Price: $233,500

Monthly Mortgage Payment: $1,233

Salary Needed to Buy: $53,000

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12. Chicago

Population: 2,824,584

Median Home Price: $209,800

Monthly Mortgage Payment: $1,352

Salary Needed to Buy: $58,000

Photo via Getty

11. Sacramento

Population: 479,686

Median Home Price: $294,100

Monthly Mortgage Payment: $1,450

Salary Needed to Buy: $62,000

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10. Miami

Population: 417,650

Median Home Price: $286,000

Monthly Mortgage Payment: $1,471

Salary Needed to Buy: $63,000

Photo via AOL

9. Portland

Population: 609,456

Median Home Price: $318,300

Monthly Mortgage Payment $1,538

Salary Needed to Buy: $66,000

Photo via AOL

8. Denver

Population: 649,495

Median Home Price: $353,500

Monthly Mortgage Payment: $1,596

Salary Needed to Buy: $68,500

Photo via AOL

7. Seattle

Population: 652,405

Median Home Price: $385,300

Monthly Mortgage Payment: $1,829

Salary Needed to Buy: $78,500

Photo via Getty

6. Washington, DC

Population: 582,049

Median Home Price: $371,600

Monthly Mortgage Payment: $1,834

Salary Needed to Buy: $78,500

Photo via Getty

5. Boston

Population: 645,966

Median Home Price: $393,600

Monthly Mortgage Payment: $1,940

Salary Needed to Buy: $83,000

Photo via Getty

4. New York City

Population: 8,213,839

Median Home Price: $384,600

Monthly Mortgage Payment: $2,024

Salary Needed to Buy: $87,000

Photo via Getty

3. Los Angeles

Population: 3,794,640

Median Home Price: $481,900

Monthly Mortgage Payment: $2,217

Salary Needed to Buy: $95,000

Photo via Getty

2. San Diego

Population: 1,284,347

Median Home Price: $546,800

Monthly Mortgage Payment: $2,407

Salary Needed to Buy: $103,000

Photo via Getty

1. San Francisco

Population: 777,660

Median Home Price: $781,600

Monthly Mortgage Payment: $3,453

Salary Needed to Buy: $148,000

Photo via Getty

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