What are today's mortgage interest rates: May 20, 2026?
Summary
Mortgage interest rates have risen again in May 2026 after falling below 6% earlier this year. The average rate for a 30-year mortgage is now 6.62%, and refinancing rates are also higher, making it important for borrowers to shop around and consider locking in current rates.Key Facts
- The average 30-year mortgage rate is 6.62% as of May 20, 2026.
- The median 15-year mortgage rate is 6.12% as of the same date.
- Refinance rates are higher, with a 30-year refinance average of 7.05% and a 15-year refinance median rate of 6.08%.
- These rates have increased since March 2026, when 30-year purchase rates were around 6.47%.
- Locking in a mortgage rate now can protect borrowers from further rate increases.
- Some lenders allow borrowers to reduce their locked rate if rates drop before closing.
- Shopping with at least three lenders can help borrowers find better mortgage offers.
- The Federal Reserve is unlikely to cut rates soon, which may keep mortgage rates elevated.
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