Mortgage interest rates have evolved significantly in recent months, presenting a different landscape for borrowers than what was available earlier in the year. The interplay of various economic factors has contributed to these changes. Despite the Federal Reserve maintaining its benchmark interest rate after a reduction in December 2025, mortgage rates have seen an increase. This rise is impacted by global factors such as overseas conflicts driving up oil prices and subsequently, inflation. As a response, lenders have elevated their offerings, causing rates to grow by more than half a percentage point from early March.
While today’s rates are higher than in recent months, they are still below the peaks witnessed in previous years, notably in 2023 when mortgage rates surged to their highest in over two decades. Although not ideal, the current rates might remain affordable for select borrowers looking to refinance or acquire loans.
Current Mortgage Interest Rates
As of May 18, 2026, the average mortgage interest rate for a 30-year mortgage stands at 6.49%, according to Zillow. The average for a 15-year term is 6%. These figures represent an increase from March 2, when these rates were 5.75% and 5.25%, respectively. Qualified borrowers with strong credit scores may find better offers by exploring options online, which could lead to rates approximately half a percentage point below the average. Online marketplaces provide a comprehensive view of rates, lenders, terms, and costs, streamlining the process of comparing mortgage options.
Current Mortgage Refinance Rates
As of May 18, 2026, the average mortgage refinance rate for a 30-year mortgage is 6.79%, with the 15-year refinance rate at 5.91%. A 30-year refinance option may suit homeowners with current rates exceeding 7%, while the 15-year loan is an option for those aiming to shorten their payoff timeline, despite potentially facing larger monthly payments. Prospective borrowers should evaluate monthly payments under different rates and terms while factoring in refinancing closing costs, which could affect the savings gained through improved rates.
Conclusion
The current average mortgage rate is 6.49% for a 30-year term and 6% for a 15-year term. Refinance rates are slightly higher, with 6.79% for a 30-year option and 5.91% for a 15-year alternative. While these rates are elevated compared to those earlier this spring, they may still present affordable opportunities for some borrowers. It’s crucial to carefully evaluate each option and consider direct discussions with lenders to uncover possible alternatives beyond what’s readily available on websites.