Mortgage rate update - May 31

Learn about Mortgage Rates and Points
Learn about Mortgage Rates and Points

Current mortgage rates for 30-year fixed mortgages increased this week, with the current rate borrowers were quoted on Zillow at 3.47 percent, down 1 basis point from last week.

The 30-year fixed mortgage rate remained stable for most the week:

"Mortgage rates were essentially flat last week with incoming data and commentary largely in line with expectations," said Erin Lantz, vice president of mortgages at Zillow. "This week all eyes will be on Friday's Monthly Jobs Report, which will be the definitive statement on the health of the U.S. economy leading into the June FOMC meeting."

Additionally, the 15-year fixed mortgage rate was 2.71 percent, and for 5/1 ARMs, the rate was 2.84 percent.

RELATED: 10 major U.S. cities where it's best to buy a home instead of rent one

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.

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