Mortgage interest rates have experienced significant fluctuations recently, impacting borrowers seeking affordable options. Following a brief dip below 6% in 2025, rates have started to rise again. This trend underscores the importance of considering a mortgage interest rate lock to safeguard against future increases. If rates decrease before closing, many lenders offer the option to adjust the locked rate to the new lower rate.
Current Mortgage Interest Rates
As of May 20, 2026, Zillow reports that the average mortgage rate for a 30-year term stands at 6.62%, while the median rate for a 15-year term is 6.12%. Both rates have increased from earlier levels in the year, highlighting the volatility in interest rates. For those intent on purchasing a home, locking in these rates could help mitigate additional costs from potential future hikes. The forecast for Federal Reserve rate cuts remains uncertain, further emphasizing the value of locking a rate.
Exploring Mortgage Refinance Rates
On the refinancing front, Zillow shows the average rate for a 30-year term at 7.05% as of May 20, 2026. For a 15-year term, the median refinance rate is 6.08%. Compared to March 2 of the same year, these rates have risen significantly, indicating increased long-term loan costs. Despite these higher rates, if they offer a reduction of half to a full percentage point compared to your current rate, refinancing may still offer financial benefits worth considering.
Conclusion
The current average mortgage rates are 6.62% for a 30-year purchase and 6.12% for a 15-year alternative. Meanwhile, refinance rates average 7.05% for a 30-year term and 6.08% for 15-year refi loans. Despite the overall rise in rates compared to earlier months, diligent shopping around could help borrowers find competitive offers. Exploring multiple lenders and thoroughly evaluating available terms can aid in securing a mortgage or refinance rate that aligns with your financial goals.
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