Current Trends in Mortgage Interest Rates

Mortgage interest rates have seen significant fluctuations recently, affecting borrowers’ ability to secure affordable rates. Although purchase rates dipped below 6% at various points in 2025, they have been rising again. This trend raises the urgency of locking in current rates to avoid future increases. Borrowers should consider securing today’s rates to protect against potential hikes, while still benefiting from rate adjustments if they decline before closing.

For those aiming to lock in mortgage rates, it’s advisable to start by comparing offers from at least three lenders. This approach helps set a baseline to gauge available rates effectively. As of May 20, 2026, the average mortgage rate on a 30-year term stands at 6.62% while the rate for a 15-year term is 6.12%, as reported by Zillow. Both rates are higher compared to earlier periods in 2026, indicating the volatility in interest rates.

If purchasing a home this spring or summer is a goal, securing one of these rates may be beneficial to avoid additional future hikes. Given the low likelihood of a Federal Reserve rate cut and prevailing factors that elevate mortgage rates, securing a locked rate might reduce future costs.

Regarding refinancing, the average refinance rate for a 30-year term is currently 7.05%, with the 15-year term at 6.08%. These rates have risen significantly from their March averages of 6.47% and 5.48%, respectively. Such increases can lead to substantial cost differentials across a loan’s lifespan. However, if today’s rates offer substantial savings over existing rates, it could be worthwhile to pursue refinancing.

In summary, the average mortgage rate for a 30-year purchase is 6.62%, with a 15-year option at 6.12%. Refinance rates are 7.05% for 30-year terms and 6.08% for 15-year terms. Despite these rates being higher than earlier in the year, borrowers are encouraged to explore their options as shopping around may reveal rates below current averages.