Mortgage rates today: May 28, 2026

Rates are daily averages based on Better Mortgage data, not APRs, and vary by borrower.

Mortgage rates are easing today, May 28, 2026, with the 30-year fixed averaging 6.47%, down from 6.51% yesterday and the third consecutive day of declines. The 15-year fixed sits at 5.85%, and the 5/1 ARM is at 6.24%.

Rates are roughly 0.42 percentage points lower than they were a year ago, which is meaningful: on a $350,000 loan, that difference translates to approximately $100 less per month compared to what buyers were paying in May 2025.

What's moving rates right now is a mix of bond market activity and anticipation around the PCE Price Index releasing tomorrow, May 29. The PCE is the Federal Reserve's preferred inflation gauge, a hot reading could push rates back up; a soft reading could send them lower. The Fed has held its benchmark rate steady at 3.50%–3.75% and is not expected to cut at the June meeting.

Your actual rate will depend on your credit score, down payment, loan type, and lender. The national average is a starting point, not a promise.

Today's mortgage rates at a glance

Loan type	Average rate
30-year fixed	6.47%
15-year fixed	5.85%
5/1 ARM	6.24%
30-year fixed refinance	6.73%
15-year fixed refinance	5.80%

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

...in as little as 3 minutes — no credit impact

What's moving rates today

Mortgage rates don't come from a single source — they're shaped by a chain of market forces that starts well before a lender quotes you a number. Understanding that chain helps explain why rates moved lower for a third straight day today, and what could reverse that trend tomorrow.

The most important signal to watch is the 10-year Treasury yield. Fixed-rate mortgages, particularly the 30-year, track this yield closely, with mortgage rates typically running 1.5 to 2 percentage points above it. When investors buy Treasuries, yields fall and mortgage rates tend to follow. When investors sell, yields rise and mortgage rates climb.

Right now, markets are in a holding pattern ahead of two key data releases. Tomorrow, Friday, May 29, the Personal Consumption Expenditures (PCE) Price Index publishes. This is the Federal Reserve's preferred measure of inflation. A reading that comes in hotter than expected would likely push bond yields and mortgage rates higher. A softer-than-expected number would give rates room to fall further. The following week brings the jobs report (June 5) and the Consumer Price Index (June 10), all ahead of the next Federal Open Market Committee meeting on June 17–18.

The Fed itself held its benchmark federal funds rate steady at 3.50%–3.75% at its last meeting and is widely expected to hold again in June. It's worth understanding that the Fed rate and your mortgage rate are not the same thing. The Fed sets short-term lending costs between banks, while what determines mortgage rates on a 30-year loan is primarily driven by the 10-year Treasury yield and the mortgage-backed securities market.

Geopolitical factors, including oil price sensitivity tied to ongoing tensions in the Middle East, have contributed to elevated inflation expectations in recent months, which widened the spread between Treasury yields and mortgage rates. That pressure has eased somewhat in recent weeks, contributing to the current rate decline.

What this means for homebuyers right now

For buyers actively shopping this spring, today's rate environment offers more optionality than it did a year ago. The 30-year fixed at 6.47% represents a meaningful improvement from the 6.89% average seen in May 2025. On a $400,000 loan, that year-over-year difference works out to roughly $115 less per month.

Example is for illustrative purposes only. Actual payments depend on loan amount, rate, term, taxes, and insurance.

The question many buyers are sitting with is whether to lock now or wait and see what the PCE data brings. This is a real decision, and there's no universal answer, but context helps. Rates have eased three days in a row, and the PCE report tomorrow creates genuine two-way risk: it could push rates lower, or it could reverse the recent decline in a single session.

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 you're within 30 to 60 days of your closing date, locking now removes the risk of an upward move. Understanding when to lock your mortgage rate comes down to your timeline, your risk tolerance, and how close you are to the transaction.

If you haven't started the pre-approval process yet, doing so now positions you to move quickly if rates continue to ease or if the right home comes onto the market. Get pre-approved to know exactly where you stand before rates change again.

...in as little as 3 minutes — no credit impact

Is now a good time to refinance?

Recent market data shows refinance applications are up more than 62% year over year, a signal that a meaningful segment of homeowners has already concluded that today's rates are worth acting on.

The clearest candidates are borrowers who purchased or refinanced between late 2023 and 2025, when the 30-year fixed was regularly quoted between 7% and 8%. Dropping from a 7.5% rate to today's 6.47% on a $350,000 loan would reduce the monthly principal and interest payment by approximately $240.

Example is for illustrative purposes only. Individual savings depend on loan balance, remaining term, and closing costs.

Any refinance decision needs to account for closing costs, typically 2% to 6% of the loan amount, and your break-even timeline. If it takes 36 months to recoup your closing costs through monthly savings, and you plan to stay in the home for at least that long, the math likely works. Use the refinance calculator to run your own numbers before calling a lender.

For borrowers focused on building equity faster rather than reducing monthly payments, the 15-year fixed refinance at 5.80% is worth a serious look. The monthly payment is higher, but the total interest paid over the life of the loan is dramatically lower. You can also compare current refinance rates across loan types to see which structure fits your goals.

If you locked between 2020 and 2022 at rates below 4%, the math is harder to justify for a standard rate-and-term refinance. That doesn't mean refinancing is off the table — cash-out refinancing for debt consolidation or home improvements can still make sense depending on your equity position and goals.

How your personal rate is determined

The rates in the table above are national averages. Your actual rate will be different, potentially by a meaningful amount, based on a handful of factors lenders weigh in every loan decision.

Your credit score is one of the most powerful levers. Borrowers with scores above 760 typically qualify for rates at or below the national average; scores in the 620–680 range will carry a premium. Your down payment, and the resulting loan-to-value ratio, matters too: Putting down 20% or more eliminates private mortgage insurance and often unlocks a lower rate tier. (Very few first-time buyers can afford a 20% down payment.)

Loan type and term also shift the pricing. A 15-year fixed carries a lower rate than a 30-year because lenders face less long-term risk. An ARM like the 5/1 ARM starts lower than a 30-year fixed but adjusts after the initial period, which introduces rate risk if you stay in the home long-term.

Finally, shopping multiple lenders matters more than many borrowers realize. The same borrower profile can generate rate quotes that vary by 0.25% or more across lenders. Learning how to shop around for mortgage rates — and whether mortgage rates are negotiable — can save thousands over the life of a loan. Use the mortgage calculator to see how different rate scenarios affect your monthly payment.

What are mortgage rates today on May 28, 2026?

The 30-year fixed is averaging 6.47%, the 15-year fixed is at 5.85%, and the 5/1 ARM is at 6.24%. These are national averages based on industry rate data. Your individual rate will depend on your credit score, down payment, loan type, and the lender you choose.

I locked at 7.5% in 2024. Does it make sense to refinance now?

Possibly. Dropping from 7.5% to today's 6.47% on a $350,000 loan reduces the monthly payment by roughly $240. Whether refinancing makes financial sense depends on your closing costs and how long you plan to stay in the home. Run the numbers with a refinance calculator to find your break-even point.

Why do mortgage rates change every day?

Mortgage rates move with the bond market, specifically the 10-year Treasury yield. When inflation expectations rise, Treasury yields go up and mortgage rates follow. When economic data softens or investors seek safety in bonds, yields fall and rates can decline. The Federal Reserve's policy signals, geopolitical events, and employment data all influence that chain. Read more in our guide on why mortgage rates are going up.

I'm buying a home this spring. Should I wait for rates to fall further?

That depends on your timeline and how close you are to making an offer. Rates have declined three days in a row, but tomorrow's PCE data creates two-way risk. Rates could go up just as easily as down. If you're within 30–60 days of closing, locking now protects against an upward move. Many lenders offer float-down options that let you capture a lower rate if one materializes before your closing date.

What's the difference between the Fed rate and my mortgage rate?

The federal funds rate, currently held at 3.50%–3.75%, governs overnight lending between banks. Your mortgage rate is set by the market for mortgage-backed securities, which tracks the 10-year Treasury yield. The Fed influences mortgage rates indirectly through inflation expectations and policy signals, but the two are not the same number and don't move in lockstep.

Is 6.47% a good mortgage rate right now?

In historical context, yes — rates peaked above 7% in 2023 and averaged 6.89% in May 2025. Today's rate is meaningfully lower than both. That said, "good" is relative to your financial profile. Borrowers with strong credit and higher down payments can qualify for rates at or below the national average. See what your personalized rate looks like at better.com/mortgage-rates.

Mortgage rates are moving, and the direction matters more on some days than others. With the PCE report landing tomorrow and the next Fed meeting three weeks away, the window between now and mid-June carries more uncertainty than normal. If you're buying, that's a reason to be ready, not to wait. If you're refinancing, the 62%+ increase in refi applications tells you that many borrowers who were waiting have already decided.

...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.