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Rates are daily averages based on Better Mortgage data, not APRs, and vary by borrower.
As of May 22, 2026, the average 30-year fixed mortgage rate is 6.65%.
For most homebuyers, that means a $400,000 loan at today's rates requires a higher monthly payment than it would have in 2020 or 2021. But waiting for rates to drop carries its own risks: home prices in many markets have continued rising, and there's no guarantee that rates will fall significantly in the near term.
The most important thing a buyer can do today is understand their own numbers: their credit score, their debt-to-income ratio, and the payment range they're actually comfortable with. Rates vary by borrower, and your rate won't be the headline average. Better's fully online process lets you see your actual rate in minutes without affecting your credit score.
...in as little as 3 minutes – no credit impact
Today's mortgage rates at a glance
The table below reflects current national average interest rates. Your actual rate will depend on your credit score, down payment, loan amount, and lender.
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.65% |
| 15-year fixed | 6.22% |
| 7/6 ARM | 6.32% |
| 30-year fixed refinance | 6.65% |
| 15-year fixed refinance | 6.22% |
What's moving mortgage rates right now
Mortgage rates don't move in isolation. They track a set of interconnected signals, and understanding those signals helps explain why rates are where they are today.
The most direct driver is the yield on the 10-year U.S. Treasury note. When investors demand higher returns to hold long-term government debt, typically because of inflation concerns or fiscal uncertainty, mortgage rates follow. The latest industry rate data shows those yields have stayed elevated as markets recalibrate expectations around inflation persistence and the pace of any future Federal Reserve rate adjustments.
The Fed and mortgage rates
One of the most common misconceptions buyers carry into the homebuying process is that a Federal Reserve rate cut will immediately lower mortgage rates. That's not how it works.
The Fed controls the federal funds rate, the overnight rate banks charge each other. Mortgage rates are primarily set by the bond market, particularly the 10-year Treasury. The Fed's policy posture matters, but its influence on mortgage rates is indirect. Markets often price in expected Fed moves weeks or months in advance, which is why rates sometimes move before an official announcement, and its why a rate cut doesn't always produce an immediate drop at the closing table.
The market's current view on current mortgage rates reflects an expectation that rates will remain in a higher-for-longer range, with any meaningful relief likely to come gradually rather than all at once.
How today's rate affects your monthly payment
The practical impact of today's rates is real, and it's worth putting it in concrete terms.
On a $400,000 purchase with 20% down (a $320,000 loan balance), here's what the monthly principal and interest payment looks like across a range of rates:
| Rate | Monthly payment (P&I only) |
|---|---|
| 6.0% | $1,919 |
| 6.5% | $2,023 |
| 6.65% | $2,055 |
| 7.0% | $2,129 |
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions. These example payments do not include insurance, taxes, HOA dues or other added expenses.
Use a mortgage calculator to model your own scenario before making an offer.
One variable that's not reflected in average rates is an individual buyer's credit score. A borrower with a 760+ credit score will typically qualify for a lower rate than one with a 680. If your score has room to improve — even by 20–30 points, it can shift the rate you're offered. For context on what determines mortgage rates at an individual level, your credit profile, loan-to-value ratio, and loan type all factor in.
Should you lock your rate today or wait?
Rate lock timing is one of the most stressful decisions in the homebuying process, and there's no universal right answer. But there are a few principles that hold across most market conditions.
If you're within 30–60 days of closing and you've found a home you want to buy, locking provides certainty. Markets are unpredictable, and a rate that moves up 0.25% while you're under contract could add hundreds of dollars to your total annual loan cost.
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. If that option is available to you, it reduces the risk of locking too early.
On the other hand, if you're still three to four months out from closing, the calculus is different. You can't lock a rate on a home you haven't found yet, and locking too far out may require an extension — which typically comes at a cost.
The honest truth about today's refinance rates and purchase rates alike: no one can reliably predict short-term rate movements. The market consensus that rates will stay elevated longer than initially hoped has proven correct across several cycles now.
What homebuyers can do right now
If you're in the market today, or seriously considering buying in the next few months, here's what's within your control.
Pull your credit report. Your rate offer is directly tied to your credit score. If there are errors or high utilization pulling your score down, addressing those before you apply can meaningfully shift your offer. It's also worth knowing that mortgage rates are negotiable — understanding that going in gives you more leverage.
Understand your debt-to-income ratio. Lenders look at how your total monthly debt payments compare to your gross monthly income. If that ratio is above 43%, some loan programs may not be available to you. Paying down a revolving balance before applying can improve your position.
Shop more than one lender. Rate offers vary — sometimes significantly — across lenders. Learning how to shop around for mortgage rates is one of the highest-value steps a buyer can take. Better's online platform lets you see your rate in minutes, so you have a real number to compare.
Consider discount points. Buying points upfront — essentially prepaying interest — can lower your rate for the life of the loan. Whether that math works depends on how long you plan to stay in the home. It's worth running the break-even calculation before your rate lock conversation.
Get pre-approved before you shop. Getting pre-approved before you start serious home shopping strengthens your offer, clarifies your real budget, and speeds up the process once you find the right home.
Frequently asked questions
What are mortgage rates today and should I buy a house or wait?
As of May 22, 2026, the average 30-year fixed mortgage rate is 6.65% based on current industry data. Whether to buy now or wait depends on your financial situation, not on the expectation of a rate drop. Home prices have continued rising in many markets, and waiting for lower rates can mean paying more for the same home. If you've found a home you can afford at today's rates, that's often a stronger signal than what rates might do in six months.
I have a 680 credit score — will today's rates be worse for me than someone with 750?
Yes, likely. Lenders use risk-based pricing, meaning borrowers with lower credit scores are typically offered higher rates. The gap between a 680 and a 760 credit score can be 0.5–1.0 percentage points depending on the lender and loan type, a difference that adds up significantly over a 30-year term. Improving your score before applying is one of the most practical levers you have.
How much more will I pay per month if I buy today at 6.65% instead of waiting for a lower rate?
On a $320,000 loan balance, the difference between 6.65% and 6.0% is roughly $136 per month in principal and interest. Over 30 years, that's meaningful. But if home prices rise by the time rates fall, the higher purchase price can offset or exceed those savings. Run your own numbers using a mortgage calculator before making that bet.
Does the Federal Reserve cutting rates mean mortgage rates will drop too?
Not automatically, and not immediately. The Fed controls short-term rates; mortgage rates are driven primarily by 10-year Treasury yields and bond market conditions. Markets often price in Fed moves in advance, so mortgage rates may have already moved before any official cut, or they may not move much at all if the cut was already expected. For a deeper look at why mortgage rates are going up or staying elevated, the Fed's policy is only part of the picture.
Should I lock my rate today or float?
If you're within 30–60 days of closing, locking generally makes sense. It eliminates the risk of rates rising before you close. If you're further out or still searching for a home, you can't lock yet anyway. When you do lock, ask your lender about float-down options, which allow you to move to a lower rate if rates drop materially before closing.
My lender quoted me a higher rate than the national average — why?
Published rates are national averages or best-case scenarios. Your individual rate is priced based on your credit score, loan-to-value ratio, loan type, property type, and occupancy status. Shopping multiple lenders and comparing loan estimates for the same loan amount and term is the most reliable way to know if you're getting a competitive offer.
What's the difference between a mortgage rate and APR?
The interest rate is the cost of borrowing the principal, expressed annually. The annual percentage rate (APR) includes the interest rate plus certain fees, like origination charges, spread over the life of the loan. APR is typically higher than the interest rate and is useful for comparing the true cost across lenders. For day-to-day rate shopping, the interest rate tells you what your monthly payment will be; APR gives you the fuller cost picture.
Do mortgage rates go down in a recession?
Sometimes, but not always, and not necessarily quickly. In a recession where the Fed aggressively cuts rates and inflation falls, mortgage rates often follow. But recessions also bring uncertainty that can push Treasury yields up, which can offset Fed cuts. For more on this relationship, see do mortgage rates go down in a recession.
What to do next
Mortgage rates at 6.65% are not the emergency some buyers treat them as. Nor are they the opportunity buyers had a few years ago. They're connected to the market. And within this market, the buyers who do best are the ones who know their numbers, shop strategically, and move with confidence when the right home comes up.
The first step is seeing what your rate actually is, not the national average, but the rate a lender will offer you based on your specific profile.
...in as little as 3 minutes — no credit impact
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.