Borrowers looking to secure an affordable mortgage interest rate haven't had much luck lately. After purchase rates fell below 6% in 2025 and after briefly falling back to that range in April (following a surge in March), rates here are again ticking upward. And while they may still fit the budget of select homebuyers and owners looking to refinance, the urgency surrounding a mortgage interest rate lock is growing. By locking in one of today's rates, borrowers can protect themselves from any increases still to come. And, if rates decline before closing, many lenders will allow borrowers to float their locked rate down to the new, lower one.

To better understand the value of a mortgage rate lock right now, borrowers should start shopping around to see what rates are actually available. By getting offers from at least three different lenders, they can then establish a baseline to compare against. The first part of this process, however, begins with knowing where mortgage interest rates stand now, as of May 20, 2026.

See what mortgage rate offers you're eligible for here.

What are today's mortgage interest rates?

The average mortgage rate on a 30-year term is 6.62% as of May 20, 2026, according to Zillow. The median rate for a 15-year term is now 6.12%. Both are higher than they were earlier this week and considerably above where they were previously in 2026, demonstrating the volatility in the wider interest rate environment. 

If you're committed to buying a home this spring or summer, it may be valuable to lock in one of these rates to offset any additional hikes still to come. With the likelihood of a Federal Reserve rate cut low right now and with other factors that drive mortgage rates higher still prevalent, a lock could be the smart way to circumvent elevated costs still ahead.

Learn more about your mortgage rate lock options online today.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 7.05% as of May 20, 2026, according to Zillow. The median refi rate on a 15-year term is 6.08%. Both of these rates are substantially up from where they were in recent months. It was just March 2, for example, when these averages were 6.47% and 5.48%, respectively. 

And while those differences may not seem like a lot on paper, they represent major cost increases over the life of a loan. That said, if today's averages represent a rate differential of half a percentage point to a full percentage point below your current one, they may still be worth close examination.

The bottom line

The average mortgage rate on a 30-year mortgage purchase is 6.62% as of May 20, 2026, and it is 6.12% for a 15-year alternative. The median refinance rate on a 30-year mortgage is now 7.05%, and it is 6.08% for 15-year refi loans. All four of these rates are considerably higher than they were earlier in 2026. But with these being averages from a single source – and history showing that shopping around for a mortgage rate can result in finding one significantly below average – buyers and owners are still encouraged to research their options. While these rates are not ideal compared to the recent past, borrowers may still be able to find a rate and term that fits their budget if they take the time to thoroughly research their options.