Current Trends in Mortgage and Refinance Rates

As of May 18, 2026, the landscape of mortgage rates for borrowers has shifted compared to earlier this spring. Several factors influence the direction of mortgage interest rates. Recently, these rates have increased even though the Federal Reserve left its benchmark interest rate unchanged after a reduction in December 2025. Contributing to this rise are overseas conflicts escalating oil prices and subsequently, inflation. Lenders have reacted by elevating the rates they provide to borrowers. Consequently, mortgage interest rates have climbed over half a percentage point since early March. Nonetheless, current rates remain below the peaks reached in 2023 when they hit their highest levels in over two decades. While not optimal, these rates might still be feasible for certain buyers or those seeking to refinance existing loans.

Understanding current mortgage interest rates can help borrowers decide their next steps. Check today’s mortgage interest rate eligibility here.

Today’s Mortgage Interest Rates

According to Zillow, the average interest rate on a 30-year mortgage stands at 6.49% as of May 18, 2026. Meanwhile, the 15-year mortgage interest rate averages 6%. These rates have notably increased from March 2, when they were 5.75% and 5.25%, respectively. Despite the rise, borrowers with strong credit scores could secure lower rates by exploring online options, potentially finding rates approximately half a percentage point below the average. Online platforms facilitate easy comparison of rates, lenders, terms, and associated costs, making it convenient to explore available choices.

Begin exploring mortgage rates and lenders online now.

Today’s Mortgage Refinance Rates

The average refinance rate for a 30-year mortgage is 6.79% as per Zillow. For a 15-year refinance, it’s 5.91%. Homeowners with existing mortgage rates significantly exceeding 7% may find the 30-year option worthwhile, while the 15-year term suits those aiming for a faster loan payoff, despite potentially higher monthly payments. Consider calculating monthly payments and weighing prospective expenses to identify what aligns with your budget and objectives. It’s important to factor in mortgage refinancing closing costs, which could counterbalance potential savings from a better rate or shorter term.

Conclusion

Currently, the average rate for a 30-year mortgage is 6.49%, while a 15-year mortgage averages 6%. For refinances, the average 30-year term is 6.79%, and 15-year alternatives are 5.91%. While these rates have increased since earlier this spring, they might still be achievable for some borrowers. Review each option carefully, and consider consulting lenders for possible alternatives that might not be immediately apparent online.

Edited by Angelica Leicht.