Today’s mortgage rates differ from earlier this spring. Several factors influence these rates, often in complex ways. Recently, mortgage interest rates have risen despite the Federal Reserve maintaining its benchmark interest rate since December 2025.
Overseas conflicts have driven oil prices up, leading to inflation. Lenders reacted by raising mortgage rates. As a result, rates increased by over half a percentage point since early March. However, rates remain below those in recent years. In 2023, rates peaked like they hadn’t in over two decades. They have since lowered, and while still not low, they might suit specific buyers or those intent on refinancing.
Borrowers need to know current rates to make informed decisions. As of May 18, 2026, average rates are as follows:
Today’s Mortgage Interest Rates
The average rate for a 30-year mortgage stands at 6.49%, with a 15-year term at 6%, according to Zillow. These represent an increase from March 2, when rates were 5.75% and 5.25%, respectively.
Despite higher averages, individuals with strong credit may find competitive rates through diligent online searching. This could lead to rates about half a percentage point lower than average. Online marketplaces simplify the comparison process, listing rates, lenders, terms, and costs.
Today’s Mortgage Refinance Rates
For mortgage refinancing, a 30-year mortgage averages 6.79%, while a 15-year term is at 5.91%. Homeowners with existing rates above 7% might find the 30-year option appealing. For those aiming for faster payoff, the 15-year option deserves consideration. However, note the larger monthly payments it entails. Evaluate prospective monthly payments against your budget and goals, and don’t forget closing costs, which can mitigate savings from better rates or shorter terms.
The Bottom Line
Average mortgage rates for a 30-year term are 6.49% and 6% for 15 years. Refinance rates average 6.79% for 30 years and 5.91% for 15 years. Though higher than spring offerings, these options might still be affordable for some. Consider all choices and consult lenders for potential alternatives that may not be prominently displayed online.
Edited by Angelica Leicht