Mortgage Rate May 2024. Once bank rate starts to fall and the outlook for rates looks clearer, tracker rate deals are likely to fall in price and look. Still, many experts think mortgage interest rates will start to trend downward in.

As may ushers in peak real estate season, forecasters aren’t anticipating a break from the current spate of 7% mortgages. Greg mcbride, bankrate’s chief financial analyst, expects rates to fall gradually throughout the year, reaching 5.75 percent by the end of 2024.