Mortgage rates today — May 15, 2026

Mortgage rates on May 15, 2026 are averaging 6.57% for a 30-year fixed loan and 6.07% for a 15-year fixed, based on current industry data — the highest levels in six weeks. A mortgage rate is the interest percentage a lender charges on your loan; it determines your monthly principal and interest payment but does not include property taxes or homeowners insurance.

Rates moved higher this week after back-to-back inflation reports — the Consumer Price Index and Producer Price Index — came in above expectations. When inflation runs hot, investors demand higher yields on bonds to compensate for the loss in purchasing power, and mortgage rates, which closely track 10-year U.S. Treasury yields, move higher in response. The Federal Reserve does not set mortgage rates directly.

Your actual rate will differ from these averages based on your credit score, loan-to-value ratio, debt-to-income ratio, loan type, and the lender you choose. National averages are a benchmark, not a quote. The only way to know your actual rate is to get a personalized estimate — which you can do online in a few minutes without affecting your credit score.

Today's mortgage rates — May 15, 2026

Based on current market averages, here is where rates stand today:

These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.

The 30-year fixed remains the default choice for most homebuyers — it spreads payments over a longer term, which keeps monthly obligations lower. The 15-year fixed carries a meaningfully lower rate but a higher monthly payment; it's the better financial move for borrowers who can absorb the difference and want to pay less in total interest. The 7/6 SOFR ARM offers a competitive initial rate but reprices periodically after a fixed period, which introduces uncertainty for buyers planning to stay in the home long-term.

You can view current mortgage rates on Better to see personalized figures against today's market.

What pushed rates to a 6-week high

Rates crossed back above 6.5% this week for the first time since late March, driven by two catalysts arriving in rapid succession. Both the Consumer Price Index and Producer Price Index came in above expectations, signaling that inflation is proving stickier than markets had hoped. That repricing of inflation expectations pushed yields on 10-year U.S. Treasury bonds higher — and mortgage rates followed.

Ongoing tension in the Middle East added a separate layer of upward pressure. Geopolitical uncertainty tends to reduce investor appetite for risk assets, which can increase demand for bonds in some scenarios — but when it compounds existing inflation concerns, as it has this week, the net effect has been higher yields rather than lower.

How the bond market connects to your mortgage

Mortgage rates do not move because of Federal Reserve policy decisions alone. They track the yield on the 10-year U.S. Treasury bond, which shifts in real time based on inflation expectations, economic data, and global capital flows. This week, the 10-year Treasury yield climbed toward 4.45–4.47%, pulling the 30-year fixed mortgage rate to its current 6.57%. The Fed controls the federal funds rate — the overnight rate between banks — not the cost of long-term fixed-rate debt. That distinction matters because rates can rise even when the Fed is holding steady, as they have this week. For a deeper look at this relationship, why mortgage rates are going up explains the mechanics clearly.

How today's rates compare

After briefly touching near 6% in late February 2026, rates have drifted higher through the spring. According to recent industry data, the 30-year fixed has climbed roughly 50 basis points from its early-year low, erasing most of the improvement buyers saw in the first quarter. Current rates remain significantly below the peak levels seen in late 2023 — but the gap between today and the post-pandemic low environment of 2020–2021 is still substantial.

The practical framing: a 6.57% rate is not exceptional by historical standards. The 30-year fixed averaged above 8% through much of the 1990s. What makes today's environment challenging for buyers isn't the rate in isolation — it's the combination of that rate with home prices that haven't corrected significantly. Monthly payments on a median-priced home are higher than at almost any point in the last two decades, and that math is what's driving the spring housing market's subdued pace. What determines mortgage rates walks through the full picture of what shapes the number a lender quotes you.

What buyers and homeowners should do right now

If you're buying and currently in contract: Rates are at a six-week high, and the inflation data driving this week's move does not point to an imminent reversal. If your closing date is within 30 to 60 days, locking now eliminates the risk of further upward movement before you close. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. Whether that's available and worth pursuing depends on your lender's terms and the gap between your locked rate and prevailing rates at the time. Should I lock my mortgage rate today lays out the full decision framework.

If you're early in the buying process: Understanding your actual rate before you shop is the most practical thing you can do. Getting pre-approved puts a real number in front of you — not a national average — and tells you what you can actually afford at today's rates. It also gives sellers confidence that you can close.

If you're considering a refinance: The math on a refinance depends on your current rate versus today's rates, your remaining loan balance, and how long you plan to stay in the home. With the 30-year refi rate at 6.79%, refinancing out of a rate you locked in the last two to three years is unlikely to pencil out for most borrowers. Check refinance rates to run your own comparison.

How your rate is determined

National averages describe the market. Your rate describes you. Here are the factors that move it:

Credit score. Borrowers with scores above 760 typically access the best available rates. A 710 credit score will qualify you for a conventional loan but will come with a higher rate than the top tier — often 0.25% to 0.50% higher depending on the lender and loan terms. Below 620, conventional loan options narrow considerably. Even modest score improvements before applying can have a real dollar impact over a 30-year term.

Loan-to-value ratio (LTV). LTV measures your loan amount against the home's appraised value. A larger down payment produces a lower LTV, signals lower default risk to the lender, and can reduce your rate. Borrowers putting down less than 20% on a conventional loan will also pay private mortgage insurance (PMI) — an added monthly cost until sufficient equity is built.

Debt-to-income ratio (DTI). DTI compares your total monthly debt payments to your gross monthly income. Lenders use it to assess whether you can carry the new mortgage without undue financial strain. A DTI below 36% is generally favorable; above 45%, some loan products become unavailable.

Loan type and term. A 15-year fixed loan prices lower than a 30-year fixed. An adjustable-rate mortgage starts lower but introduces repricing risk. FHA loans and conventional loans carry different rate structures depending on your down payment and credit profile.

Rate negotiation. More borrowers don't realize that are mortgage rates negotiable — the answer is yes, to a degree. Shopping multiple lenders and comparing loan estimates gives you leverage. Use the mortgage calculator to see exactly how a 0.125% or 0.25% rate difference translates to monthly savings over the life of the loan.

Frequently asked questions

Why are mortgage rates going up this week if the Fed hasn't changed anything?

Mortgage rates track 10-year U.S. Treasury yields, not the Federal Reserve's benchmark rate. This week, inflation reports came in above expectations — and when markets price in higher inflation, Treasury yields rise. Higher yields pull mortgage rates up with them. The Fed's rate decisions affect short-term borrowing costs; long-term fixed-rate mortgage pricing is largely determined by bond market dynamics.

I'm supposed to close in 30 days and rates just jumped — should I lock now or wait?

With a 30-day window and rates at a six-week high driven by sticky inflation data, locking now is typically the lower-risk decision. You eliminate the chance of rates moving further against you before closing. The cost of waiting — if rates rise another 0.25% — is real. The upside of waiting — if rates drop sharply — is uncertain and, given this week's inflation data, not particularly well-supported by market signals.

What does a 6.57% mortgage rate cost on a $400,000 loan?

On a $400,000 30-year fixed mortgage at 6.57%, the principal and interest payment is approximately $2,540 per month. That does not include property taxes, homeowners insurance, or PMI if applicable. Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

Are mortgage rates going to come back down in 2026?

The direction of rates depends on whether inflation continues to run above target or moderates back toward the Fed's 2% goal. Recent data suggests the path down is not linear. Industry economists have revised rate forecasts upward multiple times this year after expecting more rapid improvement. Rates briefly touched near 6% in February — then climbed back. Predicting a specific trajectory is not reliable; what is reliable is understanding how your own financial profile affects the rate you qualify for, regardless of where the market is.

I have a 710 credit score — is this a bad time to buy with rates at 6.57%?

A 710 score will qualify you for a conventional mortgage. You'll pay a rate somewhat higher than the best-tier borrowers — the difference is typically 0.25% to 0.50%. Whether it's a "bad time" depends on your housing needs, your local market, and your financial picture more than on the rate environment alone. Waiting for rates to fall while home prices remain elevated can be a wash. Getting pre-approved now shows you what your real costs look like, which is the only way to make that decision with accurate information.

Should I get a 30-year fixed or an ARM right now given where rates are?

The spread between the 30-year fixed at 6.57% and the 7/6 SOFR ARM at 6.21% is about 36 basis points. That initial savings is real, but it comes with repricing risk after the fixed period ends. If you're buying a home you plan to stay in for the long term, the certainty of a fixed rate usually outweighs the initial difference. If you have a clear horizon of five to seven years — a job relocation, a known life change — an ARM may make financial sense. How to shop around for mortgage rates walks through how to compare these scenarios side by side.

Does inflation actually affect my mortgage rate directly?

Yes, through the bond market. Lenders price 30-year fixed mortgages based heavily on the yield they can earn on mortgage-backed securities, which trade in a market that closely tracks 10-year Treasury yields. When inflation expectations rise, investors demand higher yields on Treasuries — and that repricing flows through to mortgage rates. The Consumer Price Index and Producer Price Index, both released this week, are among the most closely watched inflation indicators for exactly this reason.

I locked my rate two weeks ago at 6.4% — did I make the right call?

Based on where rates are today — 6.57% as of May 15 — a 6.4% lock from two weeks ago looks favorable. Locking protects you from upward moves, and that's exactly what happened this week. The decision was sound in context. Whether rates continue higher or pull back before your closing date is unknowable in advance, which is precisely why locking makes sense when your timeline is defined.

Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.