The direction of mortgage interest rates is driven by a wide range of factors, some of which interact with each other in unique ways. This is partially why mortgage interest rates have increased in recent months, even with the Federal Reserve electing to keep its benchmark interest rate unchanged following a reduction in December 2025. But with overseas conflicts causing the price of oil to rise and inflation to grow with it, lenders have responded by raising the rates that they offer to borrowers. That's caused mortgage interest rates to grow by more than half a percentage point from where they were in early March, for example.

At the same time, rates here are still considerably below where they were in recent years. It was only 2023, for example, when rates surged to their highest point in more than two decades. But they've since improved, and while not ideal, could still be affordable for select buyers or owners looking to refinance their existing loans. To better understand their next steps, it helps borrowers to know where mortgage interest rates stand right now, as of May 18, 2026.

See what mortgage interest rate you could qualify for here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.49% as of May 18, 2026, according to Zillow. The average interest rate on a 15-year term is 6%. Both mark a noticeable increase compared to what borrowers were offered on March 2, for example, when these rates were 5.75% and 5.25%, respectively. 

But while these new rates are both higher than they were in recent months, qualified borrowers with good credit scores may be able to find improved offers by shopping around online. This has been shown to result in a rate approximately half a percentage point below average. And with online marketplaces listing rates, lenders, terms and costs in one easy-to-navigate location, it's arguably easier than ever to review your options now.

Start shopping for mortgage rates and lenders online now.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.79% as of May 18, 2026, according to Zillow. The average rate on a 15-year refinance is 5.91%. While the 30-year option will only be applicable to homeowners with rates significantly over 7% now, the 15-year loan may be worth exploring for borrowers who want to expedite their payoff timeline, even if it may mean larger monthly payments. 

Crunch your prospective monthly payments with both rates and terms, then, to see what could work for your budget and goals. But don't discount the mortgage refinancing closing costs you'll be expected to pay, too, which can offset some of the savings you may otherwise receive with an improved rate or a condensed term.

The bottom line

The average mortgage rate on a 30-year mortgage is 6.49% as of May 18, 2026, and it is 6% for a 15-year term. The median refinance rate on a 30-year term is 6.79%, and it is 5.91% for a 15-year alternative. These four options are all higher than what borrowers were being offered earlier this spring, but for some, they can still be an affordable rate to take the next step. Evaluate all four options carefully and consider speaking with lenders directly, as they may be able to outline alternative options that aren't always neatly outlined on their websites.